The Safe Harbor 401(k): Designed to reduce the administrative hassle for small businesses
Author: Siân Killingsworth / 5 Oct 2022
By Chad Parks, Founder + CEO
Before the pandemic, 80 million individuals did not have access to a retirement savings option, and 43% of employers did not offer one. A vast majority of small to midsize businesses do not offer retirement plans due to the cost, administrative burden, or lack of employee interest, but 68% of independent savers would participate in a workplace retirement plan if they had access.
As we take strides towards a post-pandemic world, many employees are prioritizing their need for benefits in the workplace. As my colleague Andrew Meadows previously discussed, we are in an employee’s market, where workers can pick and choose the job opportunity that’s right for them based on their goals, compensation needs, and benefits. Offering perks that employees want and need is a foolproof way to attract and retain top talent.