Millennium Trust Introduces its Workplace Savings Solutions at 2019 IPPA Sales & Marketing Conference
Last year, the Millennium Trust team attended over 100 conferences to explore industry trends, build relationships and spread our message. This year, with the recent launch of our Workplace Savings Solutions, the Retirement Services team was excited to attend the 2019 IPPA Sales & Marketing Conference and meet with a variety of payroll professionals.
“Our experience at the IPPA conference exceeded our expectations,” said Kevin Boyles, VP Sales Director. “Our key takeaway was that our vision for Workplace Savings Solutions is very much on target to fill a huge need in the employer space, and many payroll professionals we spoke to were very excited that we have decided to tackle the retirement savings access issue in the American workplace.”
Our Workplace Savings Solutions aim to improve retirement readiness by increasing access to easy, affordable retirement savings plans like SIMPLE, SEP and Payroll Deduction IRAs.
In the U.S. today, it’s estimated that 55 million workers do not have access to a retirement savings plan through their workplace. And at the heart of the retirement crisis are small businesses, which employ around one half of the American workforce.
Why don’t millions of Americans have access to a retirement savings option in the workplace? The 2018 Millennium Trust Small Business Retirement Survey revealed that factors like cost, complexity and lack of awareness of options beyond a 401(k) prevented them from offering anything to their employees.
Chris Francis, VP Sales Director, explained, “Small employers have a lot on their plate, and retirement options can be expensive and complicated. Our Workplace Savings Solutions are designed to help more people save for retirement when a 401(k) isn’t the right fit.”
Kevin added, “401(k) plans are great, but not every business is a good fit for one, which is why the percentage of American workers without access to retirement savings hasn’t changed for decades.”
One prevailing trend in the industry highlighted at the IPPA conference is that providers are looking to employ best-in-class solutions to round out their service offerings and provide more meaningful value to their small business clientele.
We believe Workplace Savings Solutions does just that. It provides a spectrum of IRA-based solutions that bridge the gap between offering nothing or using state-sponsored plans in states where they exist, and more sophisticated solutions like the 401(k).
Our alternative solutions to the 401(k), including SIMPLE, SEP and Payroll Deducted IRAs, are easy, cost-effective retirement savings plans that do not have any ongoing plan cost to the employers. And because it is attractive to employers, it would also be attractive to payroll providers.
“These retirement saving options can help payroll companies provide a full range of solutions to their clients and prospects“, stated Chris. “It creates added value in these relationships, which can be the difference between earning the clients’ business or not.”
Kevin pointed out that the value also lies in the simplicity. “Our solution requires no special education or effort for a payroll representative to make this available.”
“And most importantly,” Chris continued, “it is helping more U.S. workers save with the goal of having a more secure retirement.”
To learn more about our flexible retirement saving options for small businesses, visit our Workplace Savings Solutions page.
The material in this blog is presented for informational purposes only. Millennium Trust Company performs the duties of a directed custodian, and as such does not sell investments or provide investment, legal or tax advice.