To be competitive in today’s job market, businesses need to offer a retirement savings plan in addition to other employee benefits. A salary deferral plan is typically table stakes for companies competing for talent. Workers place an even higher value on a retirement plan benefit that includes employer contributions to help them reach their retirement savings goals. But many employers, particularly small employers, haven’t yet adopted a retirement plan because of the cost and administrative complexity.
Your ongoing loyalty, business, and partnership are greatly appreciated. Together, we delivered
a lot for our clients this year. We expanded quarterly participant education campaigns,
enhanced electronic delivery of required notices and disclosures, and added Form 5500 signing
capability for our 3(16) clients. All of this was accomplished with an eye towards reinforcing our
commitment to helping clients spend less time on retirement plan administration.
In today’s highly competitive labor market coupled with high inflation and global issues, employers continue to find it more challenging to compete for talent. Successful organizations have evaluated the competitiveness of their compensation programs, retirement plans, and employee benefits portfolio to effectively compete for and retain the talent that drives success
Most people don’t plan to stay in touch with their former employer after they change jobs or retire. But employers that lose contact with participants who maintain a balance in the company’s retirement plan risk breaching their fiduciary duties and jeopardizing the tax-qualified status of their plan.