T. Rowe Price is one of the behemoths in the financial management and investment industry. It was founded in 1937 in Baltimore and went public in 1986. T. Rowe Price offers their clients many different plans and investment options, and even offers a special 401(k) program for small businesses that caters specifically to this cohort of companies. The size of T. Rowe Price and the company’s longevity are two of the main reasons why people continue to trust them with investment plans.

Who it’s best for

T. Rowe Price is a great fit for businesses of any size because they cater different offerings to companies of all sizes. The company offers a specific small business 401(k) plan for businesses that have fewer than 1,000 employees, offering more hands-on solutions and a low-cost structure that allows these smaller businesses to access T. Rowe Price’s high level of service and funds in an affordable way. This is a great option for small business owners who need more guidance with their company’s retirement plan.

Check out our roundup of the Best 401(k) Companies for Small Business

Investment options

T. Rowe Price offers a wealth of investment options from which to choose. The company is well-known for the various no-load mutual funds they offer. Because T. Rowe Price is such a large firm, they also offer a wide range of investment options in their own funds that they manage, as well as outside independent funds. This is a nice feature for people who want to diversify their portfolio and choose from a wide selection of funds. T. Rowe Price also offers a self-directed brokerage option for their small business 401(k) plans.

Setup/plan administration

With the small business 401(k) plan, T. Rowe Price provides hands-on help with setup and administration throughout the entire process. In addition, they offer 24/7 access to plan participants and administrators through their website, which gives full access to the account where participants and administrators can conduct transactions or changes at any time. In addition, T. Rowe Price offers a Plan Sponsor Resource Center, where the plan sponsors and/or administrators can obtain resources to help them effectively administer the plan without the need to contact customer service.

Administrative costs

T. Rowe Price doesn’t publicize the costs of running a small business 401(k) plan through them. The only thing that they publish in this regard is a statement that says the fees “vary by plan.” What the different variations would be, and what the range of costs would be, aren’t very clearly available to peruse.

Employer and employee customer service

As such a large company, T. Rowe Price makes customer service available 24/7 for both plan participants and administrators. The company offers 24-hour automated telephone access and access to enrollment materials, employee meetings and telephone support as well. These resources are great for employees, as they provide education and insight on retirement saving and investing in general. In addition, T. Rowe Price provides website access to everyone in their small business 401(k) plans, providing an easy-to-use way to make and/or change investments at any time.

What’s lacking

It would be nice if T. Rowe Price would publicize more information about their fee schedule and costs to administer their small business 401(k) plan. Many small business owners don’t have the time to, or don’t want to be bothered with, picking up the phone or filling out a web form to see if the company’s services would be affordable. T. Rowe Price doesn’t even provide a ballpark fee or cost schedule to give small businesses a general idea of how much it would cost to run a 401(k) plan with them.

How to get started

To get started with a small business 401(k) plan with T. Rowe Price, you have to call them at (800) 831-1370 and talk with a small business retirement specialist. The company doesn’t offer a web form that you can fill out and have a professional contact you. The only option to do so is to give them a call and provide all your company’s information that way.


  • Great low-cost option for small businesses
  • Allows small businesses to take advantage of a wide range of investment options they might otherwise not be able to afford
  • Huge choice of investment options, including no-load mutual funds
  • Well-respected company that provides top-notch customer service
  • Plenty of information and resources online


  • No public information on fees or costs
  • Have to call the company to get information on the plan or get started

Rating breakdown

  • Overall: 4.4
  • Investment Options: 4.8
  • Administrative Costs: 3.4
  • Ease of Set-Up: 4.1
  • Employer and Employee Customer Service: 4.8
  • Reputation: 4.7