From restaurants to salons to auto-repair shops, small businesses are at the heart of our communities – bringing people together by offering goods and services. Over the past couple of years, we’ve learned just how resilient small businesses can be. But the job of a small business owner comes with many challenging decisions including balancing doing what’s best for their business and doing what’s best for their employees. One of these choices is whether to offer an employer-sponsored retirement plan.
It’s a great time to invest in your employees’ future
Studies show that employees are more likely to save for retirement when they have access to a retirement plan at work. However, for small companies, the cost and resources required to establish and manage a retirement plan can be prohibitive. Only 53 percent of small business employees have access to workplace retirement plans. And with nearly half of all private sector workers employed by small companies, that means almost 30 million Americans are without retirement plan access.[1] Recent legislation introduced Pooled Employer Plans (PEP) which makes it more affordable for employers of all sizes and industries to band together to offer retirement plans, and make it easier for employees to save for their future.
Removing obstacles for small business employers
The Rockland Trust PEP is designed to make it easier for small business employers to set up and manage their retirement plan, while also closing the retirement gap – allowing workers of all ages to have access to retirement plans to save for their future. Help increase your staff retention rate and spend more time running your business by offloading the majority of the administrative work to us.
To learn more about Rockland Trust’s Pooled Employer Plan, an end-to-end solution available for employers to use immediately, contact our Retirement Plan Services Manager, Jay Donnelly.
[1] 2020 Small Business Profile, U.S. Small Business Administration Office of Advocacy
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