5 Reasons to Rethink Financial Wellness
Employees are worried about their finances. They worry about them in the evenings, on weekends and during working hours. Plus, with the increased stress caused by the pandemic, it’s no secret your workforce could use some help. More than meets the eye Many employees struggle with cash for emergencies. In a recent 2020 study, they found that 47% of respondents had difficulty finding $250 for emergencies and had to resort to credit instead. While millennials are saddled with
Q2 2021 Newsletter - Financial Wellness Edition
We are excited to welcome Q2 with the theme of Financial Wellness! This quarter, we are going to touch on some important topics that impact your bottom line and the financial health of your employees.
Safe Harbor Plan Design
As your company grows, things change! One of those things should be your company’s retirement plan. It should meet the changing needs of the owners and employees. A Safe Harbor 401(k) plan is a type of retirement plan with an employer contribution that allows employers to avoid most annual compliance tests. With a Safe Harbor 401(k) plan, employers and highly compensated employees can save up to the maximum amount each year. To learn more about how this particular plan works
New Comparability Plans
One of the most common goals for a 401(k) plan is to provide a savings vehicle for the company’s owner(s) and their employees. However, one problem—the IRS caps the amount of annual contributions participants can make. For employers, highly compensated employees and near-retirees looking to ramp up retirement savings, plan limits can create roadblocks. But, there are other options. Enter the New Comparability Plan. They are profit-sharing plans designed so owners, highly-comp