Here are the steps involved in setting up a Safe Harbor 401k plan: 1) There often is not an illustration to run. Because you have to tell your employees that you will match the first 4% they contribute. Based on your situation, they likely will not choose to contribute. This allows the owners to contribute $19,500 (or $26,000) and get the full tax deferral. 2) Based on your employee mix, the plans usually run around $990 to set up and $990 for annual administration. You would pay $990 upfront when the plan is drafted and then would owe $990 each year when we complete the administration. This is typically in Spring (April/May). 3) The good news is that based on recent tax laws changes, you can get a credit for the first three years of a plan that has eligible employees which are not highly compensated. In your situation, this would be a credit $750. So the plan is almost free for the first three years. This also covers the set-up cost. Your accountant can claim this when you file your tax return. 4) The one issue you need to deal with is deciding who the custodian will be and who will do the record-keeping for the assets. When employees contribute (or if they contribute), you will have to withhold the money from them and remit it to the plan. This requires some coordination with your payroll provider. We usually work with Voya because they can handle that process and also offer the investment options for the employees. But you can with work whomever you want. It usually takes a month or so to get that coordinated, so make sure you plan ahead. 5) If you want to get started you just have to complete our new plan set-up checklist. You will see it here: https://emparion.com/new-plan-set-up-checklist/