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Taking retirement to the people--one modem at a time

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This story appears in the May 2000 issue of Entrepreneur. Subscribe »

The Internet has been both good and bad for entrepreneurs. It's upped the ante when it comes to hiring employees, forcing even the smallest firms to consider ways to offer corporate-style benefits and perks. Yet it's also made purchasing those items more affordable. Take 401(k) benefit plans for example: There are currently two companies with online plans, and the biggest benefit is that they're affordable for business owners with as few as five employees.

"One of the big barriers small businesses have faced is finding a quality 401(k) plan that's affordable," says Bill Carey, executive vice president for Fidelity Institutional Retirement Services Co., which owns and operates fidelitye401k.com. Carey says that because the entire process-from enrollment and benefit explanations to administration-is done online, HR costs are significantly reduced.

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