Why choose a 401(k)?
There are many reasons for a businesses of any size to consider a 401(k) retirement plan for their employees: Employee recruitment and retention, tax reduction and greater flexibility for your employees. The MyFuture 401(k) Plan allows small and large business owners to offer a robust retirement plan with no setup fees, and without the administrative hassle and costs of traditional 401(k) plans.
Isn't it time you started saving today?
Recruit and Retain Top-Tier Employees
Perhaps top on the list of reasons to consider a 401(k) is providing a benefit that helps recruit and retain top-tier employees in a very competitive job market. Employees are one of your most valuable assets. Helping them save and prepare for retirement demonstrates your commitment to them and creates greater loyalty to your organization. There is a steep cost to employee turnover, sometimes as much or more than their annual salary. A robust retirement plan like MyFuture 401(k) can help keep your employee base stable and morale high.
Send Less to Uncle Sam
Employer contributions to a 401(k) plan are made pre-tax, meaning your exposure to income taxes is reduced. Employee contributions can also be made pre-tax, so employees enjoy a tax deferral when contributing to the plan. Their gains and earnings are also tax deferred. It’s a win-win for tax relief!
More Flexibility for Employers and Employees
MyFuture 401(k) provides a wider range of investment opportunities than traditional plans. This allows a more tailored fit for your employees. And in special circumstances, 401(k) funds can be borrowed against and even withdrawn in cases of hardship.
Jacob Alden of Lacey-based A & E Relocation Services talks about why he's taking advantage of AWB's MyFuture 401(k) plan.