Meet a 401(k) Retirement Plan Alternative to New York’s State-Administered Savings Program

Are your clients under the impression that New York’s Secure Choice Savings Program is their only option for an easy and affordable retirement solution for their employees? Save them from making a mediocre choice by presenting them with an advantageous alternative—an ePlan Services 401(k) retirement plan. Not only will your clients have more plan autonomy, but they’ll also gain financial benefits in the long run. Ready to help your clients and boost your business simultaneously? We’re here to help you ensure your clients are properly prepared.

Key Takeaways:

• The state of New York is implementing a retirement savings program.
• New York’s savings program is not your clients’ only savings option.
• An ePlan Services 401(k) retirement plan will help your clients, their employees, and your business.

What is New York’s Secure Choice Savings Program?

New York’s Secure Choice Savings Program is a state-administered Roth IRA that is being developed to give New Yorkers an opportunity to save for retirement through their employer. Employers with 10 or more employees who are 18 and older, must enroll their employees in this program or offer a qualifying alternative.

Though this IRA program is meant to be a simple and affordable solution for employees, it’s not without its limitations. With a state-administered program, employers cannot make matching or profit-sharing contributions, and they are not eligible for the SECURE Act tax credits. Additionally, the contribution limits for IRAs are much lower than with a 401(k).  So, while this is a satisfactory solution to the state’s requirement, it may not be the best choice for your NY clients.

What is the ePlan Services difference?

ePlan Services offers easy plan setup so your clients can rest easy. We also provide excellent support for any issues your clients may encounter. Our 401(k) retirement plan options let your clients seamlessly make changes to their plan, allow for higher contribution limits, and provide the potential for valuable tax savings. Plus, as your clients’ trusted advisor, you can show them their savings potential with our handy tax estimator. With all these features at your clients’ fingertips, it’s not hard to see why ePlan Services is the popular choice for retirement plans among small to mid-sized businesses.

How can collaborating with ePlan Services help your business?

Are you still unsure of why you should collaborate with us? Our skilled team will take care of your clients’ plan setup and management so they can focus on the important things. Your clients will also have access to expert support in case any issues should arise. This means you, as their advisor, can work smarter and not harder. The best part is our plans easily integrate with various payroll systems, saving your clients time and paperwork. Want to know which payroll systems we integrate with? Reach out to our helpful sales team. You can gain your clients’ trust, loyalty, and boost your stellar reputation by making plan management easier for them.

Conclusion:

While New York’s retirement savings program is not yet mandatory, this is the time to ensure that your clients are well-educated on their options. As their trusted financial advisor, you have a unique opportunity to guide them toward an option that offers more flexibility and potential tax savings. Don’t miss the chance to seize this opportunity, allow us to help you help your clients.