As we come out of the pandemic and demand for goods and services rise, companies are reporting difficulty finding employees to hire. Whether you’re a small, medium or large business, offering a comprehensive benefits program could help you secure top talent .Statistics show that 78% of employees say they are more likely to look for and stay with a company due to the benefits program offered. One of those benefits includes retirement plans. Options for retirement plans for small and medium companies have expanded further with a new 401K plan option called a PEP. Let’s take a look at this new offering.
What Is a PEP
A PEP is a pooled employer plan. This means that multiple employers can team up to offer a variety of benefits within a retirement plan with a lower fee. While a stand-alone company may not be able to offer the same benefits on its own at a lower fee, a PEP allows that opportunity.
This is a win-win for small and medium-sized companies involved as well as their employees because they are able to offer retirement benefits to staff that typically only a large company could offer.
Benefits of Retirement PEPs for Employees
Employees are thinking about their retirement from the day that they start work. They want to know that the thousands of hours they put in will lead somewhere in the end. Access to the GGA 401K PEP plan is a benefit because they will receive managed money portfolios at no additional cost.
By taking advantage of the GGA 401K PEP, employers have a portal in which their employees can check on their retirement plan details. This is important because every employee is in a different spot when it comes to saving for retirement.
Benefits of PEP for Employers
One of the best benefits of a PEP plan for companies is the simplified operations when it comes to handling retirement plans. Working together, we can find the best option for your business and guide you through the process of introducing it to your staff.
Another benefit of PEP for employers is the reduced cost and liabilities that come with this type of retirement plan. We can restructure so that you are not carrying the same level of liability as before, and also allows you to lower the cost and time put into this effort. Spending less money on your retirement structure will allow you to reallocate the time and money to your core business.
Don’t underestimate the attraction of good benefits to employees. They do consider more than just salary, and a good retirement plan should be part of your benefits package. Contact us today to request a consultation for guidance with retirement plans. Or call us at (203) 210-7814. Doing this can give you an edge over other employers that are vying for job seekers as well.