401(k) retirement plans for restaurants

Help your team prepare for retirement with a 401(k) plan.

Get a customized retirement plan for both full-time and part-time food and beverage industry employees.

Plans built for restaurant owners

Focus on running your restaurant. Not your 401(k) plan.

Customizable 401(k) plans. Flexible plan design allows you to set eligibility and add employer match options.

Comprehensive payroll integration. We integrate with more than 500+ payroll providers.

Drive employee loyalty. A Human Interest study found that a retirement plan is the most-wanted benefit, after health insurance.1

Give your employees the retirement benefit they deserve.

Sign up in minutes. Employees can sign up online—or on their phones—in less than five minutes.

Flexible investment options. Employees can choose model portfolios that automatically rebalance—or build their own lineup.

Built-in education. Enrollment webinars and online resources help your team get the most from plans.

We simplify administrative and regulatory compliance.

Experts at Human Interest can make restaurant retirement plan recordkeeping and compliance easier.

In-house recordkeeping

Automated plan administration tracks participation, contributions, distributions, and more.

Regulatory support

We reduce fiduciary liability by preparing select government filings. And for some clients, we sign and file the Form 5500.2

On-demand reporting

Get a 360-degree view of your plan, access reports, and see which employees have joined.

Plan compliance & training

Don’t stress about IRS testing and regulatory deadlines. We’ll help handle them for you.

A 401(k) may be more affordable than you think.

Human Interest plans come with transparent pricing—and zero transaction fees*.

Monthly pricing starting at only:

$80

base fee

$5

per eligible employee

Investment Advisory services are provided through Human Interest Advisors LLC (HIA) to plans that select HIA as the investment adviser. HIA is a Registered Investment Adviser and subsidiary of Human Interest Inc. For such plans, a monthly investment advisory fee is paid to Human Interest Advisors (HIA) of 0.01% of plan assets when HIA acts as a 3(38) fiduciary, or 0.018% when acting as a 3(21) fiduciary. A separate fee for recordkeeping services and custody-related expenses is paid to Human Interest Inc. (HII) of 0.05% of plan assets. Asset-based fees are deducted monthly from the employee's account according to the HII Terms of Service and HIA Terms of Service. All prices are exclusive of applicable taxes. If the plan sponsor elects to hire an external investment advisor, the plan sponsor will pay such advisor as agreed between the plan sponsor and advisor. For more information, please see our pricing page.

The SMB 401(k) with the most payroll integrations3

Help take the burden off your HR team. We sync with 600+ payrolls to help streamline administrative tasks.

Maximize tax savings for your restaurant

Earn up to $5,000 per year in tax credits when you set up a 401(k).

Restaurant owners may be eligible for tax credits of up to $5,000/year for three years for setting up a new 401(k) + $500/year for three years for setting up auto-enrollment.4

Clear, affordable pricing

Customized 401(k) and 403(b) retirement plans start at $80 per month + $5 per employee per month.

401(k) resources for restaurant owners

401(k) for restaurants

How retirement plans can help your restaurant, bar, or quick-service establishment.

Starting a 401(k) plan

Discover how small business owners can start and manage a 401(k) plan

Integrating payroll with 401(k)

Save time and reduce headaches by integrating your payroll & 401(k).

401(k) for restaurants frequently asked questions

Are restaurant owners required to offer a retirement plan?

There's no federal legislation requiring restaurant owners to offer a retirement plan. However, more than 10 states have passed legislation requiring businesses of a certain size to offer a state retirement plan to their employees if they do not offer another retirement plan such as a 401(k). Auto-IRA programs in California, Connecticut, Illinois, and Oregon are currently taking worker contributions.

How can a retirement benefit plan reduce restaurant employee turnover?

A retirement benefit plan can incentivize part-time employees to stay at your restaurant because it allows them to save for their future. According to an industry report by Toast, only 18% of restaurants offer their employees a 401(k). Yet in a recent study commissioned by Human Interest, we found that a 401(k) is the second most wanted benefit after health insurance.

What restaurant employees are eligible for a 401(k) plan?

Both part-time and full time restaurant employees may be eligible to enroll in a 401(k) plan if they meet the minimum requirements set by the IRS, which states that an employee must be at least 21 years or have worked at least one year of service. Some employers will choose to use a single eligibility rule for all plan contributions for simplicity’s sake.

What is the “true” cost of a 401(k)?

The true cost of a 401(k) varies. You can expect plans with less than $1 million in assets can cost employers between $5,000 to $10,000 a year: an initial startup fee of $500-$3,000, quarterly per-participant charges of $15-$40, and $800-$1,000 in administrative fees.5 In terms of fees, you can expect to be charged the following fees: a one-time startup fee, administration fees, and transaction fees.

How can I offer a 401(k) for my restaurant franchise?

Providing a 401(k) for a restaurant franchise does not need to be complicated. In fact, you can choose to customize your retirement plan to fit the needs of your establishment. For example, you can choose to set eligibility requirements on which employees are eligible for a 401(k). You can also decide if you want to make matching contributions, which allows employers to “match” what an employee contributes to their 401(k) plan. Some 401(k) plan features, such as auto-enrollment, enable newly eligible employees to contribute a default percentage of compensation to their plan from each paycheck unless they opt out within a certain period of time.

Notes

1 401(k) plans are the most-wanted benefit after health insurance. Human Interest, 2022. https://humaninterest.com/learn/guides/retirement-roadblocks/

2 We prepare select government filings (e.g., the Form 5500). Signing on behalf of customer reserved for Concierge & Complete pricing plans.

3 Human Interest, 2022.

4 Retirement Plans Startup Costs Tax Credit. IRS.gov. https://www.irs.gov/retirement-plans/retirement-plans-startup-costs-tax-credit

5 Data, including ranges provided for the Individual and Plan Fees table, based on Human Interest competitive analysis conducted between 2021 and 2022 using 408(b)(2) fee disclosures provided from 554 plans covering various plan service providers. Actual fee amounts and types of fees charged by any provider will vary. Information is subject to change.