Businesses

Owning a business is like having another child. And just like parenting, sometimes it can be hard to objectively evaluate the merits of certain aspects of your company, especially when it comes to employee benefits. If you’re looking to step up your compensation game, you’re probably asking yourself the following:

 

How can I help maximize employee participation in our 401(k) program?

Inspiring your employees to contribute to a 401(k) plan requires more than just setting one up. Many employees don’t understand the benefit of saving for retirement or how a 401(k) can change their future. As a result, enrollment and contributions remain low, increasing employee stress in retirement planning and decreasing job loyalty.

That’s where we come in.

Through on-site employee education days and engaging campaigns, we’ll help communicate the value of contributing in a way that motivates your people to actually do it. In return, you’ll get more satisfied employees and increased job loyalty.

How do I reduce my legal liability?

If you are the retirement plan trustee (usually the business owner), you have a fiduciary obligation to meet for your employees. Is your plan properly diversified? Are you documenting your process properly? Is your plan administrator acting in the best interest of your employees? Answering these questions is difficult, but as the plan trustee, you are legally obligated to resolve them.

The easiest way to reduce your liability is to put it on someone else. So that’s what we do.

As part of our 401(k) retirement planning, we do the following:

Accept the responsibility of running your 401(k) plan correctly (through a TFS partner), allowing you to focus on running your business,

Create a plan that provides you with an ERISA 3(38) co-fiduciary that can help you navigate your 401(k) plan duties

Provide a checklist to help you avoid missing any of your fiduciary duties.

Advice is free. Guidance is invaluable.

Focus on managing your business, not your company’s 401(k).

PARTNER WITH TFS TODAY