As a valued Covenant Services Client we want to help you realize the many benefits of offering a retirement plan.
Businesses are sometimes reluctant to offer their employees a retirement plan because of the belief in certain myths that it will be cost prohibitive, an administrative burden, and not valued by employees.
Let’s challenge these myths
Myth: Offering a retirement plan is expensive.
Fact: By joining our Multiple Employer Plan (MEP), you will receive the economies of scale that have generally been reserved for large businesses. [MEP Sponsor] has implemented retirement plans for many of our clients, and due to the sheer volume of clients we provide this service for, the costs savings are passed along to you and your participants.
Myth: If my firm offers a retirement plan, our staff will be buried in administrative paperwork.
Fact: By participating in our MEP, virtually all administrative tasks can be offloaded from you to us. Tasks that can be shifted may include: administrative responsibilities, eligibility tracking, contribution remittance, distribution processing, plan compliance, Give customers a reason to do business with you.Myth: My business will receive no tax advantages from offering a retirement plan.
Myth: My employees will not appreciate or value a retirement plan.
Fact: 62% of full-time employees whose employer doesn’t offer a retirement plan said they would likely leave their current job for a nearly identical position with a similar employer that offered one and 58% of full-time employees said they’d prefer a job with excellent retirement benefits with minimum salary requirements vs. higher salary with poor retirement benefits.