According to the recent Jobvite’s Recruiter Nation Survey, after Healthcare, 401(k)s are considered the most valuable benefit to recruit and retain employees. Providing retirement benefits to your employees, such as 401(k) plans, is an important step in recruiting, retaining and promoting employee wellness.
Recruitment and retention: Recent trends demonstrate that recruiting for new employees is becoming more competitive. According to the 2018 Recruiter Nation Survey, 74% of recruiters believe hiring will become more competitive over the next year1. As employee recruitment becomes more competitive, it is up to the hiring organizations to set themselves apart from the pack to attract the best talent. Offering a 401(k) plan demonstrates that an organization is invested in the long-term outlook of its employees and of the organization.
Morale Boost: Providing a 401(k) to employees improves employee morale by reducing financial stress. A Study Conducted by the Social Market Foundation revealed that worker productivity increased by nearly 20% when morale was boosted through employer investment4. In addition to addressing financial stress, a 401(k) match or Profit-Sharing feature shows employees that their employer is willing to invest its people.
Tax Benefits: 401(k) plans may offer tax advantages to both employees and employers. Employees can contribute tax-deferred money into the plan which lowers their current tax liability. That money will not be taxed until the employee takes a distribution, most likely in retirement. Employers have tax incentives with 401(k) plans as well. Contributions made to employees through a matching and/or profit-sharing contribution can be deducted as business expense.
Innovative Investment Fiduciaries is a Registered Investment Advisory firm that specializes in retirement plan consulting. Innovative’s talented team of tax and financial professionals work closely with plan sponsors to provide the best offerings for your organization and employees. Let Innovative perform a complimentary review of your plan by contacting our retirement planning team here.
The Innovative team is well respected at AFS. My staff and I feel they are an extension of our HR team! Since implementation, they have always remained committed to assisting AFS with all of its healthcare needs; in fact, it doesn’t matter what time of day, they always respond in a timely manner.
Each year they come up with fresh material so our employee’s interest is always peaked. A few years ago, Innovative provided us with documentation to show that moving from a fully insured program to self-insured would be more cost effective for AFS, and it has been! Innovative has truly made our jobs easier so we can focus on other tasks.
As an HR professional, Innovative makes my job easier and benefits administration much less overwhelming than it would otherwise be.
They are truly a partner with me to make sure our team members have the best benefits and service around their benefits that we can offer. Innovative’s team is responsive, professional and resourceful. (They are at the forefront of knowledge in many areas, including ACA reporting and compliance, which can get highly complicated.)
As a client for the last 4 years, we love working with our Innovative Benefit Planning team because of their service model, scope , depth and quality of expertise in handling our benefits and renewals.
Their level of commitment just keeps getting better each year. They have more than met our expectations on renewal negotiations, response time, assistance with ongoing plans, open enrollment material, meetings, support, bill auditing, and wellness programs.
Since our partnership with Innovative Benefit Planning in 2017, it has been a seamless one. Innovative always provide options, suggestions and recommendations when it comes to our benefits renewal.
Innovative is always present even when open enrollment ends, their year round communication reminds me that I can always reach out for help at any time. Their professionalism is the utmost one can expect. My account representative Jenni is wonderful, courteous, knowledgeable and very helpful.
We have been dealing with Innovative Benefit Planning for many, many years. They have given us nothing but exceptional service.
We can pick up the phone or email them and they always resolve our questions and take care of our employees insurance issues in a very timely manner. They negotiate our insurance rates every year and have managed to reduce the increase every year. Every account manager we’ve had throughout the years have been great to work with.
I have been working with Innovative Benefit Planning for over six years. Previous to Innovative, I had used the same broker for about 25 years. I was used to doing everything myself during open enrollment with my previous broker.
When Innovative came on board, I was pleasantly surprised how “on top” of things they were. I never have to call them and bother them about getting rates to me for open enrollment, as they are in touch with our carriers on a regular basis, and they get me my information for open enrollment as soon as they receive it from the carriers.