I work at a non-profit, and we've had our yearly benefits survey. One employee mentioned the possibility of starting a low-cost, organization administered pension fund. What we'd "really" like is an account structured like a 401(k), where employee contributions are used to buy the index ETFs with the lowest expense ratio we can find.
What are our legal options? I have experience in managing money in a corporate setting, but this space is a little different than where I have worked (insurance). How feasible would it be to start a 401(k) (or 403(b)) internally? How should it be structured? As a trust? What obligations would we be taking on?