Empowering Small Businesses to Save for Retirement
It is expected that many Americans will not have enough savings to adequately fund their retirement, leading the country towards a potential crisis. Millennium Trust has developed Workplace Savings Solutions to provide small-and mid-sized businesses and their employees access to easy and affordable retirement plans.
SIMPLE IRAs Offer an Easy & Cost-Effective Solution
Small and mid-sized businesses often don’t have the resources to offer their employees a 401(k) retirement plan. Our Workplace Savings Solutions provide access to SIMPLE IRAs, which offer features similar to 401(k) plans, but at a lower cost with less administrative burden. Most importantly, our solution allows for IRA contributions to be deducted automatically through the employers payroll provider, making saving for retirement even easier for employees.
What is a SIMPLE IRA?
Employers with fewer than 100 employees (including self-employed, sole proprietorships and partnerships) and no other current retirement plan can establish an individual retirement account for each participating employee. SIMPLE IRAs have requirements similar to Traditional IRAs but participants enjoy higher individual contribution limits and the employer is required to make contributions to the plan.
SIMPLE IRAs may be attractive for self-employed professionals or small businesses who want to encourage employees to save for retirement without incurring significant administrative costs associated with 401(k)’s or other types of qualified retirement plans.
Key Features & Benefits
Employers and employees can take advantage of the robust functionality available through a secure portal.
Ready to get Started?
We are here to help you through the process. Contact us today to with any questions you might have or to take advantage of our Workplace Savings Solutions.Contact Retirement Services