Retirement is a highly anticipated time in any worker’s life but unfortunately, many do not adequately prepare for it. Employers can help ensure their employees are ready for this life-changing step by offering the right retirement plan. Employee retirement services are designed to offer assistance to your employees to help them find the right plan. These services help your employees fully prepare for their future.
When working with these business 401(k) providers, they handle all of the ins and outs of your company’s plan. Professionals take care of enrollees’ money, help you provide matching contributions to what your employees place in their plans and create a vesting schedule that is ideal for everyone. The retirement plan provider also helps you understand all of the regulations, fees and rules that are associated with retirement, which can become complex and overwhelming.
On this site you will find articles about retirement plans and options. In addition, take a look at our top three retirement plan services: ADP, Fidelity Investments and Paychex.
Employee Retirement Service: What to Look For
When looking for an employee retirement service, you want a company that is knowledgeable, provides several plan options and offers outstanding customer support. You also want to ensure they are willing to work with your size of business and that they offer options for both creating and maintaining your plans. Below are the criteria you should look for in retirement plan services.
Plan Creation
When looking for the best retirement plan providers, you want to ensure they offer the type of plans you are looking for and enrollment is hassle-free for your employees. Participant and employer websites are excellent additions, as they allow your employees to view critical information about the plans and ensure employees are on track for retirement.
Furthermore, many employees may already have retirement plans. Many of the best solutions provide rollover plans that allow you to move your assets to a new retirement plan. This option may be worth considering if you change jobs.
Plan Maintenance
Once a plan is established, a solid maintenance plan must be established to ensure you and your employees build a large savings and prepare yourself for retirement. Look for retirement plan solutions that offer employer contribution options as well as flexible vesting schedules. In addition, you can save yourself headaches by integrating your payroll information directly into your 401(k) plan for easy management and data accessibility.
Help & Support
The assistance you receive from the company is critical. Retirement plans can be confusing and overwhelming and you need to know help is available. Email and telephone support are essential because you may need to speak with a representative quickly. In addition, look for online resources to help you find answers on your own such as FAQs, videos, articles, calculators and more.
Retirement plans such as a 401(k) plan, safe harbor plan, SIMPLE IRA and others are crucial to helping you and your employees live comfortably in the future. Choosing the right retirement plan service that helps you and your employees prepare for the future is a decision that can last a lifetime.