Greater Works Wealth 401(k) Plans

Here is a Clip from the Webinar last week. The full video is on my website. The link is below: https://lnkd.in/gMzcz7g7

Looking for ways to get your employees more engaged with the financial wellness solution? See below 💡 Employee Resource Groups Boost Financial Wellness Engagement 💡 Employee Resource Groups (ERGs) are playing a growing role in driving employee engagement in financial wellness programs. According to a recent webinar by the Employee Benefit Research Institute, working closely with ERGs helps create an environment of trust and relatability, which leads to higher participation—especially among underrepresented groups. Personalized financial education programs offered through ERGs are proving more effective. Employees connect better when they hear from people who understand their unique challenges. By rebranding financial planners as "financial coaches," companies like American Express are breaking down barriers, making financial advice more approachable. #FinancialWellness #ERGs #EmployeeEngagement #WorkplaceBenefits #FinancialEducation #401k This post was supported by https://lnkd.in/dSAatdYr https://lnkd.in/dJFute8Z

📊 Lack of Employee Education Hurts Benefit Participation 📊 New research from Payroll Integrations highlights a major gap: 73% of employees don’t feel fully educated on their benefits, including 401(k)s and HSAs. This lack of knowledge is directly limiting participation. Educated employees are 3 times more likely to opt into HSAs and FSAs, and 5 times more likely to participate in lifestyle compensation. HR teams are having to spend so much time on administrative tasks, leaving little time to educate employees about maximizing their benefits. This is especially true during open enrollment. As employers, prioritizing benefit education can lead to stronger participation and a more financially secure workforce. #EmployeeBenefits #FinancialWellness #HR #401k #HSA #OpenEnrollment The content of this post was pulled from the article below https://lnkd.in/gVpHaPUE

Congratulations to our founder for winning the 2024 Rising Star Award for the Tulsa Chamber. See the video below.

📉 Fed Rate Cut Impact on Retirement Planning 📈 The Federal Reserve recently made a significant move by cutting interest rates by 0.5%. While inflation appears to be easing, the slowing labor market is a concern. For retirement savers, this lower rate environment has notable impacts: 1.)Higher Savings Needed: As rates drop, covering retirement costs gets more expensive, requiring higher savings rates. 2.) Focus on Stability: Many DC participants, especially those nearing retirement, may shift towards stable value funds as they become more attractive than money market funds. 3.) Increased Alternatives: With lower yields, there will likely be more emphasis on alternative investments like private credit and equity. Plan sponsors and advisers are already adapting to these changes, with strategies like lifetime income options (e.g., annuities) gaining traction. #FedRateCut #RetirementPlanning #InvestmentAdvisors #401k #FinancialPlanning The basis of this post was pulled from the article below. https://lnkd.in/gVpHaPUE

401(k) Plans work! See the article below https://lnkd.in/gfzRKWmu

Aligning a retirement plan with the business's goals is imperative to gaining buy-in for the plan's success. I usually see this best intertwined with questions in the data-gathering phase. -Where will the company be 5-10 years from now? -Is there a problem in the company that you hope to solve within the next year or two? - Are you in a high-growth mode regarding hiring, or do you like your current size for the next couple of years? This keeps the plan from becoming an item left on the shelf and now becomes apart of the business plan or at least aligned.

Aligning a retirement plan with the business's goals is imperative to gaining buy-in for the plan's success. I usually see this best intertwined with questions in the data-gathering phase. -Where will the company be 5-10 years from now? -Is there a problem in the company that you hope to solve within the next year or two? - Are you in a high-growth mode regarding hiring, or do you like your current size for the next couple of years? This keeps the plan from becoming an item left on the shelf and now becomes apart of the business plan or at least aligned.

Implementing a retirement plan with an advisor who offers financial education and planning has several core functions, including retention, tax mitigation, and enhancing the company's longevity. Let me explain. 1.) Longevity—For most employers, the employees with the most tenure are sometimes the most expensive. If an advisor has been or starts working with the employees, educating them on their ability to retire, the company can decrease overall payroll thus increasing the company's life span. 2.) Tax mitigation—An employer's matching contributions to a plan are considered a company expense, which is tax deductible. 3.) Retention—An example of a retention strategy would be offering profit sharing with a vesting schedule. This allows the owner to share tax-deductible profits and adds a window of time for the employee to receive those profits, incentivizing them to stay. The thoughts for tax mitigation and retention are if you would have usually paid those funds out in taxes. It is usually better to have those reinvested back into the company as a tax deduction. #401K #BusinessOwner

Last week, we were on a call with a new perspective client, and they had questions regarding when they should look at replacing their third-party administrator, otherwise known as TPA. We created the article below to help provide some guidance. https://lnkd.in/gDba6KhY