Retirement & 401(k) Plans That Build Workforce Loyalty

I'm Kim Schenk, I'm the 401k administrator for BBSI. As a multiple-employer plan, we also assist our clients that have their own existing plans on questions, and regulatory compliance. Some of the challenges our clients have with offering retirement benefits, it's a really hard thing to manage and navigate. There's testing that has to be done on the plans annually, there is required forms that have to be filed timely restatements of plans that have to have new documents every year. And if you're a business owner, you're trying to run your own business. And if you fail to do the right thing with the guidelines that are out there, the IRS is not very forgiving. So by hiring someone that is your main person that manages that for you, we're making sure as that sponsor of the plan that BBSI will help you go through those situations to avoid the common mistakes clients make when they try to do their own plan. When a client first expresses interest to our branches regarding possible options of retirement benefits, our branches work with the client to fill out what we call a survey. And that survey provides basic information on this client. Do they have an existing plan? Do they not have an existing plan? How many employees do they have? Are the owners going to participate in the plan, are their family members that will be on payroll participating in the plan, how we design the plan specific for that client is going to depend on those answers. So we do the due diligence with them at the beginning to find out who they are and what they're going to use the plan for. We had a trucking company that I worked with. It's a fairly young gentleman, and he felt he was losing employees to other competitors that offered a retirement benefit. And he wasn't. I think it was a huge relief for him knowing we're here to take that administrative burden off you and help you through this so that you're not worrying about those pieces. But then you're going to be able to offer this great benefit that you wouldn't have been able to get on your own. We set up the benefit; their employees were kind of concerned about how to get enrolled. So we refer them over to our advisors. They got on the phone with the advisors. They helped walk them through how it worked individually with these employees. He now has grown his business, and he actually has been able to retain his employees because they see it as a great benefit. He also then added a safe harbor employer match, so he himself could save for his retirement. So it's been an ultimate win-win for him personally, financially for his retirement goals, as well as offering this benefit to his employees and retaining its employees. We're here to do the hard work for you and just make the whole process easy.