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Talking about money is tricky, especially at work. While it may seem too personal for work and easier to avoid the conversation, the effects can have a lasting effect on a company.
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As we begin to say goodbye to 2021, let’s look forward to the new year by addressing employee financial habits after COVID, how a K-shape economy is impacting your workplace and how your retirement plan committee plays an important role in helping employees pursue retirement plan goals.
When was the last time you reviewed your retirement plan - 5 years ago, 3 years ago?
Your employees may have questions about one of the first decisions they will need to make – do they want to contribute to a Roth 401(k) or Traditional 401(k)? No matter how you slice it, taxes, income brackets and contribution availability can be confusing, and it is natural for them to need guidance.
For the millions of business owners that offer a workplace retirement plan, the COVID-19 pandemic created many financial difficulties.
Help your employees save with a plan that fits your unique organization! Each type of retirement plan comes with its own set of features and tax advantage strategies for employees and employers.
Just ask anyone: Uncle Sam and the retirement industry love acronyms. Another was added in December 2020—PEP—which conveniently rhymes with MEP and SEP. The three plan types are 401(k) cousins[1] meaning they share many fundamental similarities, and their main differences relate to the administrative models they use.
As the first half of the year phases out, it’s time to focus on measuring and begin strategic planning for your retirement plan. There’s a lot of new items on the agenda this year, from the CARES Act rules for repayment of loans to SEPs, MEPs and PEPs. Plan sponsors may have a lot of their plates.
Each of your employees is unique with their own individual lifestyle path. That said, your employees need guidance to make smarter decisions about their money so they can learn not only how to save today but how to build wealth for the future!
