Confused by 401ks? Worried about legislation in your state requiring your business to offer a retirement savings plan? Our resource center is for you. Explore our pages and documents and get the help you need to understand the options available.
Traditionally out of reach of smaller employees, a retirement plan is the most valued benefit among employees - second only to medical insurance. Plans such as 401(k) are traditionally costly, need a huge amount of effort to run, and are not financially efficient for smaller businesses.
Times are changing. In a world where the future of social security is uncertain, and with the competition for quality workers stronger than it has ever been, it is increasingly important for small businesses to consider offering a retirement plan to their employees.
In fact, many states have already passed legislation requiring small businesses to provide access to a retirement plan. Many more states are currently considering similar legislation, and small business retirement plans will soon become the norm.
For example, Governor Kathy Hochul signed legislation back in late 2021 that requires most employers with 10 or more employees to offer retirement savings support to workers. Senate Bill S5395A requires private sector employers without a current retirement plan to automatically enroll their employees in New York State's Secure Choice Savings Plan. The New York Secure Choice is a state-sponsored retirement savings program that increases access to affordable retirement savings for private-sector workers. Businesses with 10 or more employees (5 or more in New York City) and at least two years of operation are required to provide a qualified retirement plan — such as a 401(k), 403(b), or more — or enroll employees into the New York Secure Choice Program.
If you're business is affected by a state mandate, or you'd like to improve your competitive position for talent by offering a retirement plan to your employees, don't worry! Recent innovations in the industry mean that it is now much easier and much more affordable to do so - even for businesses with just one employee.
Speak to one of our consultants today to find out how a 401k plan could be deployed in your organization. We'll be happy to put you in touch with a qualified expert who can take you through the steps, and answer any questions you might have.
Book a free discovery call with us today to tell us about your challenges, and we'll describe how we can tailor our service to suit you.