The Advantages of a PEO 401(k) Plan
As employers fight to attract and retain top talent within today’s competitive job market, attractive benefits like a 401(k) retirement plan can tip the scales in your company’s favor. It helps conveys your company’s commitment to investing in your employees. Many job seekers report a tax-advantaged retirement plan as high on their employment wish list, along with compensation.
When you partner with Integrity, our experts can customize a 401(k) plan for your employees based on age limits, vesting options, matching policies and more. There are a variety of hidden advantages to partnering with Integrity to provide your employees with a 401(k) plan that you might not realize:
- Superior plans with cost-effective rates
- Reduced liability due to PEO fiduciary responsibility
- Confidence that your company is compliant at all times
- Freedom from administrative tasks to focus on what matters
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Better 401(k) Plan Benefits with Integrity
For any 401(k) plan, costs are determined by economies of scale. The more individuals who participate, the lower the plan’s fees will be. That means a small business securing a 401(k) plan for 20 employees will pay more than a company who has 500 employees.
Partnering with Integrity Employee Leasing creates a co-employment relationship, and our PEO assumes fiscal responsibility for your employees. As they join Integrity’s growing portfolio of employees across many companies, it strengthens our collective buying power. Integrity can negotiate superior rates for insurance products that typically only Fortune 500 companies could access, as well as our signature 401(k) plan. It’s just one way that a partnership with a large, reputable PEO like Integrity Employee Leasing can add value to your business.
Alleviating the Burden of Fiscal Responsibility
After you enter a co-employer relationship with Integrity, our experienced team contractually accepts fiscal responsibility for your employees. Serving as a fiduciary comes with a high degree of responsibility, including handling the risks associated with penalties, lawsuits and compliance related fines. As you can imagine, it requires both focus and expertise to accurately process a hefty pile of paperwork in a timely manner – not to mention ongoing monitoring for any regulatory changes.
At Integrity, it’s just what we do! Our professional team is adept at managing plan maintenance, ERISA fidelity bond coverage, recordkeeping and ongoing compliance. And, as our clients will tell you, we will prioritize keeping you updated every step of the way. Not only will you have a highly trained team managing your competitive 401(k) plan, but it will be easy to provide a winning offer to job seekers without having to manage all the back-office details.
Now that’s a plan!
Need a 401(k) Plan for Your Business? It’s on Us!
Are you looking for a 401(k) plan for your business? Integrity Employee Leasing offers a free 401(k) plan to clients who do not yet have an existing plan. There are fees associated with moving funds over, but no charge for the plan itself.