The Small Business Guide to Offering a 401K

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In this episode, Brian Montes interviews Jevon Thomas, a director of retirement plans, about the importance of offering 401k plans and retirement plans as a retention strategy for small businesses. They discuss California's regulatory landscape and companies' legal obligations to provide retirement plans. They also explore how 401k plans can be utilized for talent acquisition and retention, including the benefits of offering employer contributions and profit sharing. Javon provides insights on selecting a 401k benefits partner and the importance of ongoing employee education and support. They also touch on the impact of not making required contributions and the future trends in retirement plans.
What to expect from this episode:
1. Offering 401k and retirement plans is essential for small businesses as a retention strategy.
2. It's crucial for small businesses in California to be aware of their legal obligations, which require companies with five or more employees to provide some retirement plan.
3. Employers can utilize 401k plans for talent acquisition and retention by offering employer contributions and profit sharing.
4. Choosing the right 401k benefits partner is a critical decision that can significantly impact your employees' financial future. It's important to consider their ability to educate and support employees.
5. Not making required contributions to a retirement plan can result in financial penalties.
6. Future trends in retirement plans include the ability to make Roth contributions and help employees with student loans.
Want to connect with Jevon? You can email him at [e-mail] or find him on LinkedIn https://www.linkedin.com/in/jevon-thomas-retirementplan/
Want to connect with me? You can email me at [e-mail]
or connect with me on LinkedIn - https://www.linkedin.com/in/brianmontes/
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