Find Qualified 401k Providers
Choosing A Retirement Plan: 3 Features Employees Love
The age of retirement keeps increasing, making a solid savings plan a must, both for employers and employees alike. As a business owner, you already know that partnering with reputable 401k providers proves an excellent first step in helping your staff make provisions for their future. However, using qualified 401k providers alone often won’t be enough to ensure your team has a positive savings experience. In order to optimize the benefits enjoyed by your employees, you should look for 401k providers that also customize their plans for an easy-to-use system that streamlines how they save and invest.
When choosing 401k providers, look for three significant features that will excite both current employees as well as future candidates.
Employer Match
This particular feature often intimidates employers. The thought of adding expenses to each pay period may seem overwhelming. However, it’s important to consider the big-picture benefits of providing an employer match. A 401k match can be a vital recruiting tool for top-tier candidates, as well as help you retain your current staff. That’s a big payoff.
You can customize your matching capabilities to suit your business. Your 401k provider will partner with you to outline a plan that will work with your budget. One common tactic is to match 50% of all funds contributed up to a specific percentage of the employee’s income for the year.
Contribution Consultations
Investing for the future can feel overwhelming; even if you have specific investment experience. Finding the best way to contribute to your retirement can create stress and uncertainty. When sourcing a 401k firm, look for one that also offers investment advice and tools as part of their package. Your staff will appreciate knowing that their advisor is simply a phone call away. Additionally, having easy-to-access tools such as online spreadsheets and calculators can assist with forecasts and allow them to change their strategy as needed when life events make adjustments necessary.
Access On-The-Go
Modern employees demand access to a wide range of mobile and web services. Chances are, your staff is already handling many of their financial decisions online or from a mobile device of some sort. You may find that they expect this type of convenience from their retirement savings plan…so why not give it to them?
When screening prospective 401k vendors, look for a firm that offers web and mobile access to employees’ accounts. Your team will love being able to change their investments, adjust automatic payments, and identify current trends in their portfolio with just a few simple clicks. Bonus for you: granting your employees mobile and web access empowers them to manage their portfolios on their own, which means they won’t have to always come to you with every single change.
Contact The Payroll Company Today
If you’re looking for a retirement savings plan your employees will love, The Payroll Company can help. Contact our team today to discuss your specific retirement plan needs. We look forward to hearing from you!