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If Your Company Isn't Offering a Retirement Plan - Why Not?

The pandemic has taught businesses a lot – patience, flexibility, ingenuity, and most importantly – the value of your employees. Now more than ever, workers (and candidates) have become very selective about who they work for, and what they expect from their employers. That could mean pay scale, paid time off, flexible schedules, health insurance, retirement plans and other benefit offerings. Some of these things are fairly easy to offer, and others more complicated or costly. One thing is certain – if you’re not competitive with benefit offerings, you stand to lose good employees to a business that is.

The assumed cost and administrative work involved with setting up and maintaining a retirement plan is the reason many employers give for not offering one, or not making a move to a better plan. Spooner’s 401(k) MEP (multi-employer plan) gives businesses the ability to provide this valuable benefit with minimal effort and start-up costs. A multi-employer plan doesn’t mean it’s a one-size-fits-all plan design. Those details will still be determined by the employer with the guidance of our partner, Vantage Financial. Vantage acts as the co-fiduciary on the plan, and will provide you and your employees with the same helpful advice as they have with our own staff. From gauging what type of investor they want to be, to projections that can help them meet their goals - our teams will work together to help your workforce plan for their future. Retirement plans shouldn’t be intimidating to you or your employees.

These types of plans also have the added benefit of reducing your liability and exposure, since the fiduciary responsibilities are assumed by professional plan administrators. The MEP sponsor (Spooner) also takes over the majority of the day-to-day tasks, leaving the end employer with little to no administrative work on the plan. Especially if your business utilizes our sister company, SuretyHR, for payroll services – this plan is virtually hands-off once it’s implemented.

To see more details on our 401(k) MEP, click here or contact us at 440-249-5260.

¹ “Living in the COVID-19 Pandemic: The Health, Finances, and Retirement Prospects of Four Generations,” nonprofit Transamerica Center for Retirement Studies, August 2021.
² “Retirement Security Amid COVID-19: The Outlook of Three Generations,” nonprofit Transamerica Center for Retirement Studies, May 2020
³ “2021 Retirement Confidence Survey,” Employee Benefit Research Institute, 2021

Posted By Brandy King in 401(k), MEP, Retirement Plans, Employee Benefits, Employee Retention

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Posted By Brandy King
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Blog

If Your Company Isn't Offering a Retirement Plan - Why Not?

DOL Issues Final Rule on Independent Contractors

A Guide to Submitting 2023 OSHA Logs

Grading Payroll Providers on Enrollment and W-2 Performance

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