401(k) software enables organizations to offer and manage retirement plans for their employees while ensuring compliance with government regulations. These platforms are used to design a company’s retirement plan, select investment options, onboard employees, manage contributions, and track employee participation through an administrative dashboard. They also provide an interface for employees to manage their contributions, make investment decisions, and handle actions such as rollovers, loans, and distributions. Unlike pension plans, which are employer-funded and provide a guaranteed monthly benefit upon retirement, 401(k) plans involve employee contributions and allow employees to control their investments.
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