When it Comes to the Retirement Plan Access Question, Are Payroll Providers the Answer?
Despite the best efforts of plan sponsors, retirement plan providers and regulators over the last few decades, Americans remain woefully underprepared for retirement.
A lack of access to workplace retirement plans remains an enormous roadblock to saving for many Americans, specifically those working for smaller private-sector companies.
That’s where payroll providers may be able to help.
More than 60% of businesses are outsourcing some portion of their payroll servicing, and payroll providers already handle direct deposits for a captive audience of businesses. This is part of the reason they are well-positioned to offer retirement plans as part of their suite of services to expand their client base and expand existing relationships.
Learn more about where payroll providers play a role in this 401(k) Specialist article.
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.