Merrill Small Business 401(k) review
A focused small-business 401(k) with managed administration and ACH contributions.
Reviewed by iTechGuides Editors · Editorial team · Updated Oct 2026
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 service that divides responsibilities between Ascensus and Merrill: Ascensus handles recordkeeping and plan administration, while Merrill provides investment fiduciary services. Employers looking for a managed plan with compliance support and employee education may find its scope useful; businesses that want a named payroll connection should compare alternatives carefully.
The Group 401(k) costs $95 per month and has no setup fee. That monthly price includes managed recordkeeping and administration, online reporting, employee enrollment and ACH contribution processing. Employee recordkeeping adds $5 per participant per month, and published pricing also combines asset-based fees. The plan menu is fixed and includes target-date funds, with a target-date QDIA option. Auto-enrollment is available for group plans. This structure gives employers a clear base monthly charge, while total plan costs also depend on participant and asset-based fees.
The feature set extends beyond account administration: the plan includes compliance testing, Form 5500 support, call-center support and financial-wellness education for employees. Employees can manage contributions and choose investments from the plan menu. The trade-off is that contribution processing is described through ACH, not a named payroll-provider integration, so employers prioritizing payroll-connected workflows may prefer a provider with that fit. Choose Merrill if managed administration, Merrill fiduciary services and employee support are central priorities; consider another option if payroll integration or a broader investment menu matters more.
Merrill Small Business 401(k) pros and cons
- 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.
Merrill Small Business 401(k) fact sheet, pricing and score →
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