Itâs a fact that todayâs company retirement system is failing small business employees. According to Chad Parks, CEO of Ubiquity Retirement, “Sixty-seven percent of small businesses don’t offer retirement plans.â Depending on which study you look at “most employees have less than $10,000 in personal savings, people are bound to be working way past the age of 65.â So whatâs a solution for this important problem? I think a solution is for small business owners to utilize better plan design combined with independent advice delivered from a fiduciary. This article looks at a few of the new features that if added to plans often results in much better participation & savings rates for employees.
If you have not evaluated or benchmarked your 401k plan now is a great time to look at your plan and if adding new plan design options can improve the results your plan is trying to achieve. Â Check out the article link from U.S. News discussing how small business owners can improve employee retirement plans.