By Jim Kehr, Director of Business Development of Conrad Siegel
Finding and keeping good employees is a challenge for many organizations. Employers are always looking for ways to stand out. Most leaders are always open to new ways to treat their people well.
While higher wages are often the first solution, offering meaningful benefits—like a retirement plan—can be an equally powerful tool.
For years, many local businesses (rightly?) assumed retirement plans were too expensive or too complex to manage. However, recent industry developments have made it easier and more affordable.
Why Workplace Retirement Plans Matter
Most people save for retirement through their workplace. Without an employer-sponsored plan, many workers lack convenient ways to save for their future. In Pennsylvania, research from AARP estimates that nearly two million private-sector employees don’t have access to a workplace retirement plan.
For Employers
Retirement plans aren’t just an employee benefit – they’re also a business advantage. Offering a plan can:
• Attract and retain employees – In a competitive job market, benefits matter. A strong retirement plan can give your business an advantage and help keep employees long-term.
• Offset costs through tax incentives – Thanks to recent legislation, including the SECURE Act 2.0, small businesses may be eligible for tax credits that cover the costs of starting and administering a plan.
• Improve workplace productivity – Conrad Siegel recently completed a survey of over 400 people and 26% of respondents said financial stress impacted their productivity at work. Employees who feel financially secure are often more engaged while on the job. Many workplace retirement plans include education and financial wellness programs to help employees feel more confident in managing their money.
New Options & Accessibility
Many business leaders assume that setting up a retirement plan is too complex, costly, or time-consuming. But today’s retirement landscape continues to evolve to offer more flexibility and affordability.
Options include:
• 401(k) Plans – A highly flexible and scalable option for businesses looking to offer a robust retirement plan.
• SIMPLE IRAs & SEP IRAs – These options work well for smaller employers but can also come with limitations compared to 401(k) plans.
• Pooled Employer Plans (PEPs) – A newer option that allows multiple small businesses to join a single, professionally managed 401(k) plan, reducing administrative burdens at potentially lower costs.
A Local Solution
Conrad Siegel and Bizcorp, the Lancaster Chamber’s wholly owned for-profit subsidiary, have announced a new offer through Bizcorps’s Preferred Partner Program. The two organizations have collaborated to offer the Central PA 401(k), by Conrad Siegel, creating an accessible retirement plan option for Lancaster Chamber members to provide to their employees.
The Central PA 401(k) features a fully streamlined retirement plan. Conrad Siegel administers the plan, acting as recordkeeper, third-party-administrator, advisor, and fiduciary.
Organizations that are interested in learning more about the program can visit centralpa401k.com.
Jim Kehr
Conrad Siegel
All investment advisory services and fiduciary services are provided through Conrad Siegel Investment Advisors, Inc. (“CSIA”), a fee-for-service investment adviser registered with the U.S. Securities and Exchange Commission which operates in a fiduciary capacity for its clients. Registration does not imply any level of skill or training. Investing in securities involves the potential for gains and the risk of loss and past performance may not be indicative of future results. Any testimonials do not refer, directly or indirectly, to CSIA or its investment advice, analysis or other advisory services.
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