Now more than ever, companies must do everything they are able to help employees prepare for the future.
The Changing 401(k) Landscape
Today, employers are faced with two trends:
- The majority of employees are now responsible for funding their retirement and they are not putting enough away which, for many, means that they will be working longer than they want
- Employers, especially smaller employers, often do not know how much they or their employees are paying but in the near future they will be required to disclose all fees to their employees who may not be happy. A recent GAO report found that the average recordkeeping and administrative fees for a small employer were 1.33% as compared to .15% for large employers!
Without a plan and with the future state of Social Security, many employers may face a workforce unable to move successfully on to the next stage of their lives. They must also do everything they can to select a provider that will advise employees as to how much they need to save and how to invest to fund their retirement.
In order to do this, many employers should consider a detailed review of their current plan and service providers to make sure that their employees are put in the best position to meet their goals. To assist our Members, MEA has selected partners who focus on providing participant advice and who have agreed to provide special pricing for MEA Members. They’re also able to offer a detailed audit and review of an MEA Member’s existing plan. Learn More about MEA’s Partners.
Learn how MEA’s Retirement Services & Partners Can Help Your Business:
Speak with one of our membership development representatives. Call (800) 662-6238 or Schedule a Free Consultation
More on Retirement Services
401(k) Recorded Webinar
Strategies to bring your plan participation rate to 80% -90%. Watch Recording
Common HR Question
Can I ask my employees if they are planning on retiring? Read the Answer
Healthcare Reform Support
MEA has partnered with Trinity Benefit Advisors, ACA experts. Read about the Partnership