Florida employees access to 401(k) savings
Having access to a retirement savings plan is one of the most sought-after employee benefits. Adopting a plan can be a strategic investment for employers looking to encourage job seekers to apply or simply retain top performers. However, knowing if setting up a retirement savings plan will fit into your organization’s budget is crucial.
The Beyond calculator below can help you quickly estimate how much it will cost to set up a 401(k) for your company. Just enter a few details, and you’ll have an idea of costs in a few clicks.
Why Offer a 401(k) to Your Employees?
Offering this perk goes a long way toward helping your staff members save for post-work life, and it can also have a positive impact on your workplace. For example, it helps with recruiting efforts by signaling to job seekers that your company culture values employees’ long-term well-being and financial security. Furthermore, it shows your current team members that you are committed to supporting their savings goals beyond their salary.
Tax Credits for 401(k) Setup
For small businesses looking to establish a retirement savings plan, it’s a great idea to see if they are eligible for tax credits. A tax credit directly reduces a business’s tax liability, deducting dollar-for-dollar from the amount owed to Uncle Sam at tax time.
For some employers who are offering a retirement savings program for the first time, tax credits might be available to help offset start-up costs, educate employees, and cover some fees that come with plan administration.
Setting Up Your 401(k)
For businesses that want to set up a retirement savings plan like a 401(k) but already have a lot on their plate, they might be unsure if they can invest the time. The good news is that most providers make it simple to get a program off the ground, offering personalized assistance to help you understand what might be a good fit for your company and providing support when there are questions.
Once you have an agreement in place, key steps include:
– Enrolling employees.
– Helping them understand how to contribute.
– Figuring out the employer match you’re comfortable with.
After using the Beyond calculator, you may find our guide on how to set up 401(k) for employees useful.
For assistance or to learn more about setting up retirement benefits for your company, reach out to Beyond for their trusted partner resources.