Charles Schwab Retirement Plan Services vs Merrill Small Business 401(k)

CSCharles Schwab Retirement Plan Services9.1Visit Merrill Small Business 401(k)8.0Visit

Higher score CS Charles Schwab Retirement Plan Services #2 in 401(k) Software 9.1/10 Pricing on request ✓ 3 of 3 features Visit Charles Schwab

vs

Merrill Small Business 401(k) #7 in 401(k) Software 8.0/10 Paid ✓ 3 of 3 features Visit Merrill

• Charles Schwab Retirement Plan Services fits best

  Mid-market and enterprise employers

• Merrill Small Business 401(k) fits best

  Small employers preferring Merrill-managed plans

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Side by side

Feature	CSCharles Schwab Retirement Plan Services 9.1/10 Visit ↗	Merrill Small Business 401(k) 8.0/10 Visit ↗
At a glance
Editor score	9.1	8.0
Ranking	#2 in 401(k) Software	#7 in 401(k) Software
Best for	Mid-market and enterprise employers	Small employers preferring Merrill-managed plans
Pricing model	Paid	Paid
Starting price	Pricing on request	$95/mo
Free plan	—	—
Free trial	—	—
Deployment	Cloud, Mobile	Cloud, Mobile
Platforms	Web, iOS, Android	Web, iOS
Support	Phone, Docs	Phone, Docs
Built for	Mid-market, Enterprise	Small business
Features Charles Schwab Retirement Plan Services 3/3 · Merrill Small Business 401(k) 3/3
Employee enrollment	✓	✓
Compliance support	✓	✓
Participant mobile app	✓	✓
Specs
Plan types	401(k); defined contribution; ESOP; profit-sharing; money purchase; defined benefit; nonqualified deferred compensation	401(k); Roth 401(k); Safe Harbor 401(k)
Payroll integrations	Not checked yet	Not checked yet
Investment options	Mixed	Mixed
Our review
Pros	Combines recordkeeping, plan administration, and plan design consulting Includes payroll feeds, one-click submissions, and more than 40 plan metrics Offers participant education, managed accounts, and Schwab Mobile access	Ascensus manages recordkeeping and plan administration. Includes compliance testing, Form 5500 support and online enrollment. Merrill provides fiduciary services and a target-date QDIA option.
Cons	Workplace 401(k) pricing is customized and requires contacting Schwab No free plan is offered The former Workplace Mobile app has been retired in favor of Schwab Mobile	The Group 401(k) charges $5 per participant each month for recordkeeping. Published pricing also combines asset-based fees with plan fees. Contribution processing is through ACH rather than a named payroll integration.
Our verdict	Employers looking for a workplace 401(k) service get recordkeeping, plan administration, investment-option selection, and consulting on plan design. Charles Schwab Retirement Plan Services also supports defined contribution plans, ESOPs,… Read the review →	Merrill Small Business 401(k) is a cloud-based retirement plan for small businesses, with web and iOS access for employers and employees. It brings plan setup, online enrollment, contribution processing and investment choices into a… Read the review →

Strengths and trade-offs

• Charles Schwab Retirement Plan Services — where it wins

  • Combines recordkeeping, plan administration, and plan design consulting
  • Includes payroll feeds, one-click submissions, and more than 40 plan metrics
  • Offers participant education, managed accounts, and Schwab Mobile access

  Where it doesn't

  • Workplace 401(k) pricing is customized and requires contacting Schwab
  • No free plan is offered
  • The former Workplace Mobile app has been retired in favor of Schwab Mobile

• Merrill Small Business 401(k) — where it wins

  • Ascensus manages recordkeeping and plan administration.
  • Includes compliance testing, Form 5500 support and online enrollment.
  • Merrill provides fiduciary services and a target-date QDIA option.

  Where it doesn't

  • The Group 401(k) charges $5 per participant each month for recordkeeping.
  • Published pricing also combines asset-based fees with plan fees.
  • Contribution processing is through ACH rather than a named payroll integration.

• CSCharles Schwab Retirement Plan Services9.1/10 · Pricing on request

  A broad 401(k) service for employers seeking administration, compliance support, and participant tools.

  Visit Charles SchwabFull verdict →
• Merrill Small Business 401(k)8.0/10 · Paid

  A focused small-business 401(k) with managed administration and ACH contributions.

  Visit MerrillFull verdict →