washington business step of the retirement planning process . Eighty seven percent said it is important that an advisor be willing to meet them in person .
— Kristofer Gray , certified financial planner and owner , IFC
Kristofer Gray , certified financial planner and owner of IFC , said that the changing workforce requires new tools .
“ We employ many millennials in our firm , which has meant we must continually stay ahead of the curve in our branding , in our culture and in our office experience to accommodate this generation ,” Gray said . “ Certainly , part of that is a robust benefits package . Health insurance and a 401 ( k ) are probably the two biggest ones , which is why MyFuture 401 ( k ) ties right into addressing the concerns of a new generation of workers .”
customizable plans , high-quality investments and cost savings
According to Gray , 401 ( k ) plans have one of the strictest federal regulatory structures under employment law , specifically the 1974 ERISA law .
“ 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 . And , the plan is fully customizable , working with either a qualified financial advisor or IFC ,” Brown said .
MyFuture 401 ( k ) is designed with personalized services with employers and employees in mind .
“ Some of our advisors offer on-site investment advice for employers and employees to help them make good investment decisions and make sense of it , which sometimes feels a little bit like a foreign language to some people ,” Gray said . “ We consult with business owners on the right type of plan design to benefit their particular company and ensure they are also getting the best tax benefits .”
Rose Point takes advantage of the plan ’ s “ In August 2015 , we added the hands-on approach .
MyFuture 401 ( k ) plan to our benefits
“ I ’ ve taken on very little administration and package and I am thrilled with it . the folks at Integrity are The plan is very affordable for both always willing to help
Rose Point and our employees .” with employee questions or anything else that may
— Rick Wilson , operations manager , Rose Point Navigation Systems come up ,” Wilson said .
“ To help provide the one-on-one financial education at the employee level makes a huge difference , not only in their sense of financial wellness overall but also in really getting them on the right track for their retirement ,” Gray said .
Both Brown and Gray pointed out that this plan has important cost-saving components , such as no start-up cost to the employer and no conversion cost for their existing plan . Additionally , out-of-pocket costs for the annual administration are well below what the payroll companies charge for administrating a 401 ( k ) plan .
“ All this adds up to lower costs to start up a plan and access to professionally managed investment options and a local investment management team . It has the added benefit of reduced employer administrative overhead associated with running a 401 ( k ) plan ,” Brown said .
It ’ s one more way that AWB is helping to grow small businesses .
“ We consult with business owners on the right type of plan design to benefit their particular company and ensure they are also getting the best tax benefits .”
AWB MyFuture 401 ( k ) awb . org / my-future-401k
Integrity Financial ifclegacy . com
Insured Retirement Institute and Center for Generational Kinetics Study
http :// bit . ly / NextGenWorker
at a glance
MyFuture 401 ( k ) Plan gives business owners a suite of services to create healthy 401 ( k ) plans for themselves and their employees .
More than 170 employers have enrolled in MyFuture 401 ( k ) since AWB added it to its slate of member services in 2014 .
Due to the complexity of setting up a retirement plan , only an estimated 14 percent of small businesses offer retirement plans while 89 percent of large firms offer them .
MyFuture 401 ( k ) plans are fully customizable to fit the needs of each employer and their employees .
401 ( k ) plans are among the most heavily regulated through strict federal laws that protect contributions to the retirement plan .
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