We often tell employers, who are considering starting a retirement plan, that they are missing out on a competitive advantage in their employee recruiting and employee retention if they do not offer employees a retirement plan. Recent data from the US Bureau of Labor Statistics supports that conclusion — 48% of all private employers offer a plan. The percentages of employers that offer a plan, by size of workforce, are:
45% of employers with 1-49 employees
75% of employers with 50-99 employees
88% of employers with 100-499 employees
94% of employers with 500+ employees
(March 2018, Private Industry Statistics)
No business is too small to include a retirement plan in its employee benefits package. We regularly see studies reporting that a retirement plan is one of the top 2 or 3 most important benefits that employees desire. If your business does not have a retirement plan, do not be surprised if job candidates choose another employer that includes a plan as an employee benefit.
Retirement plans are not “one size fits all”. The “art” in setting up a plan is determining what are the objectives of the business with respect to the retirement plan. At ACSI, we have been helping businesses choose the right retirement plan, with the right features, run the right way, since 1982.
