WILL NEW YORK’S RETIREMENT PLAN MANDATE IMPACT YOUR BUSINESS?
VALUE POINT ASSOCIATES CAN HELP
In an effort to help today’s workforce save for a financially-secure future, the state of New York is requiring certain employers to offer some type of retirement plan for their workers.
While joining the state-facilitated plan is an option, it’s not the only option. And it may not be the best choice for you and your employees.
The New York State Secure Choice Savings Program offers a very basic Roth IRA for building retirement savings. But will it really help your employees achieve a secure financial future—or does it just “check the box”?
VPA MAY OFFER A BETTER OPTION FOR YOU AND YOUR EMPLOYEES
At Value Point Associates (VPA), we applaud New York State for helping New Yorkers better prepare for financial security in retirement. But the Secure Choice Savings Program doesn’t offer you and your employees tax advantages, and contributions are limited to just $6,000 per year for individuals under age 50 and $7,000 yearly for those age 50 and over.
A 401(k) plan from Value Point Associates (VPA) offers you and your employees tax advantages, the potential for higher earnings, and the ability to save far more toward retirement. Plus, VPA handles virtually all administrative tasks.
Unlike the Secure Choice plan, contributions to a 401(k) plan are made with pretax dollars and are deductible from your taxable income. Plus, as an employer, you’ll enjoy tax advantages that Secure Choice can’t offer.
Let’s compare the key differences…
*Certain eligibility requirements must be met.
ABOUT VALUE POINT ASSOCIATES
A NATIONAL EMPLOYER MEMBER ASSOCIATION
VPA is a national Employer Member Association delivering large-company-style benefits to small and medium size businesses—at cost. VPA benefits include 401(k) plans that are custom designed specifically for your business, as well as group insurances.
The collective size of our membership gives us the same bargaining power as large corporations. We negotiate very favorable rates and work with respected nationally-recognized providers—including Vanguard®, Broadridge Financial Solutions, and others.
VPA handles the benefit administration, so you save administrative time. Plus, because VPA is the plan sponsor instead of you, your liability and risk are substantially reduced.
10 DAYS TO A 401(k)
Although deadlines for the mandate have yet to be determined, the program is moving forward. Don’t be caught unprepared. VPA can customize and implement a 401(k) plan in just 10 days that gives you and your employees the potential to enjoy greater rewards in retirement.
Plus, you’ll be offering a benefit with significant value rather than just checking the box for the New York mandate. Not only will a VPA 401(k) plan meet the state-mandated requirements, you’ll be offering a high-quality employee benefit that will help retain and attract the best talent for your business.