Enterprise Bank & Trust’s Post

Are you making the most of your company’s retirement plan? Ask yourself these 7 questions found in our latest blog article to help you determine if there is room for improvement.  

Investing in your employees' financial security is essential. Start implementing an effective 401k communication plan today and ensure they have the best information available to make retirement savings decisions! https://lnkd.in/ehmZFFt6 CALL US 559-924-0304 #401k #wealthmanagement #ShareTheKnowledge #FinancialSecurity

If you're evaluating your current 401(k) #retirement plan or considering a change, here are some questions you should ask.

A 401(k) plan is among the best ways to help a business attract and retain quality talent. Tax benefits and owner retirement savings options also make starting a 401(k) plan a smart idea. Learn more about setting up a 401(k) plan in this New Jersey CPA article by NJCPA member benefit provider Paychex. #njcpamag #401k #401kplan #cpa

Did you know that offering a 401(k) retirement benefit plan can give your small business a competitive edge? Our new blog post explores the benefits of providing this valuable employee perk. #401kPlan #EmployeeBenefits #BBSI

Working with a specialist makes a significant impact on retirement plan satisfaction. With a focus on financial wellness, HSAs, and investment guidance, advisors are helping employers make more informed decisions, leading to stronger plan designs and better retirement outcomes for employees. This is why we do what we do - and we're ready to support the next steps in your retirement plan. Give us a call. #EmployeeBenefits #FinancialWellness

We understand that managing retirement plans can come with various challenges for HR, CFO’s and business owners. Here are five common problems business owners have with their current Third-Party Administrator for their 401(k) and how our services provide solutions you need:   1. Compliance Concerns:   - Problem: Navigating through the complex and ever-changing regulatory landscape can be challenging for businesses, leading to compliance risks and potential penalties.   - Solution: Our experienced team stays up to date with all regulatory changes, ensuring your 401(k) plan remains compliant. We conduct regular plan reviews and provide guidance on necessary adjustments to meet legal requirements.   2.Employee Engagement and Education:   - Problem: Lack of employee engagement and understanding can result in underutilization of the 401(k) plan and dissatisfaction among employees.   - Solution: We offer comprehensive educational resources and communication tools to help employees understand the benefits of the 401(k) plan. Our platform provides user-friendly interfaces and support to encourage participation and informed decision-making.   3.Administrative Burden:   - Problem: HR departments often struggle with the administrative tasks associated with managing a 401(k) plan, such as recordkeeping, compliance testing, and reporting.   - Solution: Our services streamline administrative processes, automating tasks like recordkeeping and compliance testing. This allows HR to focus on strategic aspects of their role while ensuring the 401(k) plan operates efficiently.   4.Investment Management Challenges:   - Problem: Selecting and managing a suitable investment lineup can be daunting for employers, potentially leading to suboptimal investment options for participants.   - Solution: We provide expert guidance in selecting and monitoring investment options. Our platform offers diverse investment choices, and we regularly review the performance to ensure alignment with participants' long-term goals.   5.Fee Transparency and Benchmarking:   - Problem: Hidden fees and lack of fee transparency can erode participants' retirement savings and lead to dissatisfaction.   - Solution: We prioritize fee transparency and conduct regular benchmarking to ensure that your plan's fees are competitive. We work with providers to negotiate favorable terms, helping to minimize costs for both the employer and participants.   By addressing these common challenges, our 401(k) services aim to make 401(k) management more efficient, compliant, and beneficial for both employers and employees.

On the plus side, more companies (and employees) will likely have access to a workplace retirement plan. But... as poorly as most direct-with-payroll (and no advisor) 401(k)s perform, it will be interesting to see if these new iterations are any better. PS what do you think of the quote in my Comment below?

Unlock the potential of New Comparability Profit-Sharing Plans for your business! Learn how these plans offer a tailored approach to maximizing retirement contributions for owners while providing benefits to employees. Perfect for businesses with diverse workforces seeking flexible, tax-efficient retirement solutions. #RetirementPlanning #ProfitSharing #BusinessGrowth #RetirementPlanning #SmallBusiness #founders #businessowners #businessowner

A recent study from Fidelity Investments reveals that employers are increasingly satisfied with their retirement plan advisors, with satisfaction levels on the rise. The latest Plan Sponsor Attitudes Study, surveying 1,100 employers, shows that 90% are currently working with a retirement plan advisor, and 80% are satisfied with their plan, a notable increase from last year. Interestingly, 81% of employers are "highly satisfied" with their advisor, up from just 63% in 2019. This shift highlights a growing demand for advisors to extend their expertise beyond 401(k) plans, with a particular focus on broader financial planning needs like healthcare expenses and HSAs. Amanda Umpierrez, Managing Editor, 401k Specialist Magazine provides additional details of the study here: https://lnkd.in/gtF8_i3G #retirementplans #planadvisors #financialadvisors #wealthmanagers