The way Americans plan and save for retirement has changed dramatically over the past 30 years. Not that long ago, the workforce could count on a company pension to provide them with a stable monthly income as they transitioned into retirement.
The majority of business owners recognize that a robust, competitive retirement plan offering is key to attracting and retaining top talent. However, small to mid-sized employers are often deterred by the hassle and expense of setting up and administering a new retirement plan, particularly if they are also looking to scale and add employees to support their growing organization.
Few executives are as thoroughly acquainted with their employees’ needs as are small business owners. Unfortunately, it is often challenging for small businesses to provide the same caliber of benefits as larger, more established companies. If you feel as though you’re forced to choose between providing your employees with sub-par benefits or adding on an extra cost to your growing business, think again. Using a 401(k) MEP (Multiple Employer Plan) may be your solution to offering a competitive retirement benefit while cutting cost