Do you have a 401(k) plan that’s working for you and your employees?

Four reasons to reconsider this important benefit.

Whether your business is searching for its first 401(k) plan or has one in place, here are four significant reasons to get a plan, or consider a more strategic one:

1. The financial health of your employees and your company.
   Did you know that employers who offer financial wellness programs see an average $348 reduction in operating costs per sick day, per employee? Further, 72% of employees experience decreased financial stress after enrolling in an employer-based financial wellness program, resulting in higher levels of job satisfaction (76%), loyalty (66%), engagement (65%), and productivity (55%)[1].

2. Save money on taxes and save more for your own retirement.
   If you don’t have a plan yet, you can access tax incentives to help cover your costs for the first three years. You can get a plan, and gain tax savings plus the high return of happy employees. If you have a plan, you may not be aware of creative plan design strategies that can help you defer more money pre-tax, particularly valuable if your company operates as a pass-through entity.

3. You may have outgrown your start-up plan.
   Were you aware that as your 401(k) plan grows, you can achieve economies of scale, potentially lowering costs? Additionally, technology has changed the 401(k) service offerings significantly, and you may not be taking advantage of efficiencies available now to help you streamline your internal administrative operations.

4. Your plan could be awry with Department of Labor and IRS compliance.
   The rules are constantly changing and if you are not a compliance attorney (or have one to consult with), you might not be crossing your Ts and dotting your Is on plan compliance. It’s never too late to get your plan in shape before the DOL or IRS ask you to.

The marketplace is changing rapidly and with it are new opportunities for high impact, progressively delivered plans. At RetireGo, our plans start where others end. We invite you to take a look. Take a quick 30 second survey to find your ideal plan.

[1] Greenman, K. (2017). Financial saving behavior: The relationship between incremental theory, perceptions of future self, financial literacy, and saving behavior change. Scholarworks.https://scholarworks.unr.edu//handle/11714/2559