News and Updates
Category: 401(k)
Is a 401(k) MEP Right for You and Your Employees?
The job market has regained some stability over the last year, creating a more even power dynamic between employees and candidates, and employers. That doesn’t change the need to attract good prospects and keep current valued employees. Not all employers can afford to roll out the red carpet on employee benefits, including things like no-cost health coverage, unlimited PTO and free childcare. There is one benefit that virtually all employees want access to, and a route for employers of all sizes to access it: a retirement plan. Our family of companies created a 401(k) Multi-Employer Plan (MEP) under SuretyHR, and it’s available to all of our clients. This plan is designed to provide more cost-effective, streamlined options to employers with existing plans, and make those benefits accessible for employers of all sizes without a retirement plan in place. Multi-Employer Plans aren’t guaranteed to be less expensive simply because of their structure, and it’s hard to judge the service aspect if you don’t know any of their current clients. If you work with Spooner Inc, SuretyHR or Spooner Medical Administrators – you know a few businesses that participate in this MEP. It’s the same retirement plan that provides for all of our employees! Plenty of SuretyHR and Spooner clients have joined as well, and we’ll be sharing some of their success stories in the coming months. The assumed cost and administrative work involved wi
If Your Company Isn't Offering a Retirement Plan - Why Not?
The pandemic has taught businesses a lot – patience, flexibility, ingenuity, and most importantly – the value of your employees. Now more than ever, workers (and candidates) have become very selective about who they work for, and what they expect from their employers. That could mean pay scale, paid time off, flexible schedules, health insurance, retirement plans and other benefit offerings. Some of these things are fairly easy to offer, and others more complicated or costly. One thing is certain – if you’re not competitive with benefit offerings, you stand to lose good employees to a business that is. The assumed cost and administrative work involved with setting up and maintaining a retirement plan is the reason many employers give for not offering one, or not making a move to a better plan. Spooner’s 401(k) MEP (multi-employer plan) gives businesses the ability to provide this valuable benefit with minimal effort and start-up costs. A multi-employer plan doesn’t mean it’s a one-size-fits-all plan design. Those details will still be determined by the employer with the guidance of our partner, Vantage Financial. Vantage acts as the co-fiduciary on the plan, and will provide you and your employees with the same helpful advice as they have with our own staff. From gauging what type of investor they want to be, to projections that can help them meet their goals - our teams will work together to help your workforce plan for the
