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WHY OFFER Pro(k) TO YOUR EMPLOYEES?1. Most people lack the knowledge and confidence to manage their retirement account. Frustrated employees are often left intimidated and overwhelmed by the enormous task of making decisions they don't feel qualified to make on their own. 2. Most people don't have the time to manage their company-sponsored retirement account. At the end of a long day, the last thing on your employees' minds is how to manage their 401(k) account investments. 3. You can offer our Pro(k) managed account service to your employees at NO COST to your company. The annual fee is typically paid by the employee (often directly from their plan account), although some employers have chosen to pay the fee as part of the compensation package for all or a select group of employees. There are no other fees or commissions paid to StraightLine by anyone in connection with this service. 4. If you offer it, 72% are likely to use it. Studies show that workers who do not currently have access to employer-provided investment advice would be most likely to take advantage of this service if it were offered in person. ..rather than online or by telephone.¹ StraightLine offers face-to-face personal service for each employee. 5. Even a small increase in return makes a big difference. If your employees were to earn just 2% more per year on their retirement accounts, in 20 years they would have 47% more money to retire. An $80,000 retirement account earning 3% will grow to $144,489 in 20 years. If you were to earn just 2% more over that same time period, the account would grow to $212,264.² 6. Helps to reduce your company's fiduciary liability. An annual independent audit will be provided to demonstrate our commitment to ongoing compliance. The Pension Protection Act of 2006 has removed the risk associated with providing much-needed professional account management. 7. Ease the burden and liability on your HR staff and other employees. How
often do your employees ask your HR staff for advice on which funds to
choose for their 401(k), 403(b) or 457 accounts? This can cause both liability
for your company and personal liability for your HR staff. 9. Assist your employees in achieving their retirement goals. If your employees have no choice but to work past the standard retirement age, you'll have new issues to deal with, including legal, physical, psychological, and social dimensions that have broad implications for performance and productivity. 10. Establish your company as a leader in providing for the financial security of your employees. Not many employee benefits can have such a profound effect on the quality of your employees' lives as a 401(k) account professionally managed by StraightLine.
¹ Source: Employee Benefit Research Institute and Mathew Greenwald & Associates, Inc., 2006 Retirement Confidence Survey. ² Calculations based on annual compounding. |
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