Enhance Your Benefit Package
A great way to enhance the benefit package and gain a competitive edge in the market is to offer retirement benefits to your employees. While the high cost-of-living and lingering stagnant wages had already made it hard for people to save for the future, the coronavirus has forced people to totally wipe out their savings to survive. As things return back to normal, offering the option to save through an employee retirement plan makes it much easier for your employees to rebuild a nest egg and achieve financial wellness.
How 401(k) Plans Work
01The employee decides how much money they want deducted from each paycheck and deposited to the plan based on limits imposed by plan provisions and IRS rules.
02The employer usually offers a variety of different investment options (stocks, bonds, money market investments, or a mix of these), in which the employee will choose from to fund the account.
03While there are annual contribution limits, the employer may choose to match a portion of the employee’s contribution.
Have any Questions?
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We’ll start with a comprehensive needs analysis to tailor benefits that align with company objectives while meeting the needs of your employees and their families.
There are several types of 401(k) Retirement Plans with different benefits, features, levels of complexity and administrative costs. Some are best suited for large companies; while others are better suited for self-employed or small companies. Westwood can help you tailor a plan to meet the needs of your business and it’s employees