Are your employees prepared for retirement? Why does it matter?
Organizations can face unintended consequences when retirement-eligible employees remain working because they have not saved enough in their company's retirement plan. This delay can be costly for employers; studies show employer costs can run $10,000 per year for every employee 65 and older who does not retire. These costs are attributed to Higher workers comp costs (56% increase, Medical costs 50% higher), higher benefits premiums costs (health care 4x’s higher, disability 15x’s higher) and Increased disability instances (42% increase), According to the 2014 Retirement Planscape® by Cogent Reports™.
Beyond the measurable costs,
Further, if there is low participation and deferral amounts from non-highly compensated employee (NHCE) this limits the contribution amounts owners and highly compensated employees (HCE) can defer. Therefore, Potentially delaying their retirement as well. (If you are getting contributions back at the end of the year, you need help increasing participation and deferral percentages).
The first step in helping participants succeed is getting employees enrolled in the 401k plan and savings at a higher rate. We believe it takes a strategic effort on our part.The Printers401k® Plan Success by Design program helps promote participant success. We believe our process leads to higher enrollment, increased contribution rates, and improved financial education for the plan participants. I have provided some examples of recent results we were able to achieve for our new members.
Example Company 1:
Note: HCE can defer 2% above the NHCE rate. In this
Example Company 2:
Note: HCE can defer 2% above the NHCE rate. In this
Example Company 3:
Note: HCE can defer 2% above the NHCE rate. In this
The Printers 401k is an exclusive member benefit only available to you as a result of your membership in the Printing Industry.
Contact us and see how we can help your plan, increase participation, lower cost and improve the quality of investment options. joe@diversifiedfa.com or 800.307.0376.