Total Team Solutions Blog

Facts About 401(K)

By: John Morlock

FACTS ABOUT 401(K) PLANS

More than 80 million Americans use defined contributions plans, more commonly referred to as 401(k) plans, to save for retirement.  These plans contain $4.3 trillion in assets and two thirds of participants are less than 40 years old.  More than 75% of plans offer a company contribution, mostly a matching contribution to enhance employee participation.  Participants agree that having access to 401(k) plans and the associated tax savings on contributions motivate them to think long term toward retirement and save more, so it is not surprising that account balances increase with age and years worked.

Does your small business offer a 401(k) plan to its employees?  If not, is it because of the significant time and cost involved to set one up and manage it?  Well, Total Team Solutions offers a turn-key solution with its multi-employer 401(k) plan that costs nothing to participate in and we provide all the management and fiduciary services, while allowing clients to customize the terms of their adoption (eligibility, company contributions, vesting schedule, etc.).

To find out more about how joining the Total Team Solutions 401(k) plan could help your company and increase employee morale and retention, contact John Morlock at 1-800-836-9678 or jmorlock@ttspro.com.

 

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