what’s working
An Employer, Employee Retirement Solution
In an era when benefits often dictate quality employee recruitment,
longevity and loyalty, a small business’ ability to offer a competitive
401(k) savings plan can help attract and keep the right person for the job.
Bobbi Cussins
AWB partnered with MyFuture 401(k) to offer cost-effective, flexible savings plans for small
employers. This professionally-managed option is gaining traction as a way to lessen financial risk
and create a healthier savings plan for employers and their valued employees.
A robust benefits package is one way to attract and
retain qualified staff, but for many small employers
a complex and costly savings plan like a 401(k)
retirement option has been out of reach.
Until now.
Understanding small businesses needed help in
this area, the Association of Washington Business’
employer services arm partnered with Bellevuebased Integrity Financial Corporation (IFC) to create
MyFuture 401(k) since 2014. So far, 170 small
Your 401(k) Retirement Solution
business members participate in the program and it
Powered by the Association of Washington Business
continues to grow in popularity.
“My experience as a small-business owner gave
me insights into how hard it is to set up a
retirement or 401(k) plan that is affordable
and competitive,” said Debra Brown, president
of Forterra, Inc., the association’s member
services company. “We knew there was a
need out there, particularly as small employers
compete with their large counterparts for high— Debra Brown, president of AWB’s member service company Forterra, Inc.
skilled workers.”
“We want to make sure any employer enrolling in a program like this knows there are strict fiduciary obligations
and that we offer high-quality and diverse investments
within the plan with thoughtful oversight and guidance.”
competing for top talent
For smaller employers, the ability to offer competitive benefits
commensurate with Puget Sound’s corporate giants is critical.
“Providing great benefits for recruitment and retention is
important to us,” said Rick Wilson, operations manager at
Redmond-based Rose Point Navigation Systems, which specializes
in marine navigation. “When looking at retirement benefits, my
requirements were for an affordable yet flexible 401(k) plan
that would not put an administrative burden on the company.
In August 2015, we added MyFuture 401(k) plan to our benefits
package and I am thrilled with it. The plan is very affordable for
both Rose Point and our employees.”
26 association of washington business
Brown said the program’s growth over the past year illustrates
that employers care about providing their employees a secure
financial future, and it increases their ability to compete for
in-demand talent.
accommodating a new generation of workers
It’s no secret employers are still learning how to address the
expectations of millennials, now the largest generation in the
U.S. labor force, surpassing Gen Xers.
According to a 2015 study by the Insured Retirement
Institute and Center for Generational Kinetics, when it
comes to working with a financial professional, 62 percent of
millennials would like an advisor to walk them through every