BOK Financial的动态

If you’re running a business offering a 401(k) plan, are you checking to see if employees at every level of the pay scale understands it and contributes? If not, you may have a disengaged workforce on your hands. “If a workforce is not engaged, they’re not even going to look at their employer-sponsored benefits, especially retirement savings plans, because they’re not looking at their employer as their journey,” said Jhoanna Astudillo, Hispanic segment leader for consumer banking at BOK Financial. Learn how you can help your employees with financial literacy so they know how your plan benefits their future: https://ow.ly/8G1e50TpEW1

If you’re running a business offering a 401(k) plan, are you checking to see if employees at every level of the pay scale understands it and contributes? If not, you may have a disengaged workforce on your hands. “If a workforce is not engaged, they’re not even going to look at their employer-sponsored benefits, especially retirement savings plans, because they’re not looking at their employer as their journey,” said Jhoanna Astudillo, Hispanic segment leader for consumer banking at BOK Financial. Learn how you can help your employees with financial literacy so they know how your plan benefits their future: https://ow.ly/8G1e50TpEW1

If you’re running a business offering a 401(k) plan, are you checking to see if employees at every level of the pay scale understands it and contributes? If not, you may have a disengaged workforce on your hands. “If a workforce is not engaged, they’re not even going to look at their employer-sponsored benefits, especially retirement savings plans, because they’re not looking at their employer as their journey,” said Jhoanna Astudillo, Hispanic segment leader for consumer banking at BOK Financial. Learn how you can help your employees with financial literacy so they know how your plan benefits their future: https://ow.ly/8G1e50TpEW1

Have you considered that different employees at different earning levels may view your employee benefits differently? “Often low-income workers lack financial literacy or have a lack of understanding about retirement savings options. This lack of knowledge can hinder their ability to make informed decisions about saving for the future,” explained Brandy Marion, institutional wealth education manager at BOK Financial. Learn how you can reach out to all the members of your organization to ensure everyone knows the personal benefits of contributing to the company’s 401(k) plan: https://ow.ly/kghw50TpEWS

1099 workers and business owners: Let's talk Retirement Accounts. ???? Solo 401(k): Pro: Maximize your contributions with high limits, potentially up to $76,500 (2024). Con: Requires more administrative work and potential setup fees. SEP IRA (Simplified Employee Pension): Pro: Easy to set up and maintain, with flexible contribution levels. Con: Contributions are solely employer-funded, limiting potential savings for high earners. SIMPLE IRA (Savings Incentive Match Plan for Employees): Pro: Offers both employer and employee contributions, with higher limits than traditional IRAs. Con: Requires employer contributions, which may not be feasible for all businesses. Each option has its perks and drawbacks, so choose wisely based on your financial goals and business structure.

What does SECURE Act 2.0 mean for you and your business? - Up to 100% coverage of plan start-up costs for qualifying businesses – a savings of up to $16,500* - Employer contribution credit – Businesses that choose to match a portion of their employee’s contributions or make a profit-sharing contribution may qualify for an additional credit of up to $1,000 per employee for 5 years* When choosing Paychex to administer a retirement plan, you get: - Profitability: Tax credits can give you money back to invest in your business, family, and future. - Integrated product: With self-service functionality, employees enroll and manage #401k themselves. This lessens the burden on managers or admins. #employeebenefits #employees #businesses #401kplans #employers

An IRS audit is a frustrating drain on your company, stressing productivity and tapping into financial and emotional energy. The results of annual 401(k) non-discrimination testing can often cause confusion and diminish your company’s good intentions to provide a tool for retirement savings. With a traditional qualified 401(k) plan, the non-discrimination audit is mandatory, but there are alternatives available that would allow you to comply with the testing while still providing pathways for deferred compensation and tax-deferred savings. Read our blog, “Easy Solutions to Your Failed Non-Discrimination Test,” and take advantage of the guidance a compensation and benefits Advisor can offer by reaching to out Tony McCracken, CFP?. https://hubl.li/Q02t8rNd0

"Across all ages, two financial issues topped the list of concerns for most employees: lack of cash reserve and saving for retirement." Employees are drawing from their 401ks to cover short-term financial needs, which will delay their retirement and end up costing your company more via increased wages, workers' compensation, and health care expenses. A holistic education strategy addressing these issues is crucial, it will promote financial stability for employees and deliver substantial cost savings for your company. #401k #retirementplanning #financialwellness #employeebenefits #employeeengagement #hr #cfo #ceo #businessowner https://lnkd.in/ewAzUf5i

This CNBC article is a good reminder that many of us get caught up in the daily grind, but we need to think about our future self! ?? Assuming your employer has a retirement plan, it’s worth taking a few minutes to review things to ensure you're maximizing your benefits. ?? Here’s a quick checklist: - Enrolled? Make sure you’re in the plan. - Matching? Consider saving enough to get the full employer match (it's free money!). - Investments? Check if your portfolio aligns with your goals and risk tolerance. If you don't know what you're invested in, find out. - Financial guidance? See if your plan or employer offers advisor services. Taking these steps now can pay off down the road. https://lnkd.in/eHB9bcrY #RetirementPlanning #FinancialFuture #401k #PersonalFinance

Why consider adding a cash balance plan to your 401(k)? We can explain in two words: Maximum. Savings. If you're looking to sock away a lot of cash to prepare for your golden years, or you want to help employees better prepare for theirs, a cash balance plan could be the best option for you. #401k #cashbalance #retirementplans #retirementplanning #smb https://hubs.ly/Q02JvvDw0