You can reduce your administrative costs
The Retirement Plans Startup Costs Tax Credit is a dollar-for-dollar tax credit equal to 50% of the cost of setting up and administering a plan, and educating your employees about the plan. Qualifying employers can receive a tax credit for a maximum credit of $500 for each of the first 3 years of the plan, and may claim the credit the tax year before the plan becomes effective. Check with your tax advisor to see if you qualify.
You can stay competitive and increase productivity
If you're looking to attract or retain talented employees, offering a retirement benefit is a great way to stay competitive, reduce turnover costs and employee financial stress, leading to increased engagement and productivity. And, employees are much more likely to save for retirement in the workplace, so even if you are unable to offer a retirement benefit right now, you can provide information about individual plan options to your employees and help support their decision to save through automatic payroll deduction. Get started today! Visit our Employer Resource page
for great resources and know-how.