Millennium Trust Company, LLC launched its Retirement Savings Selector Tool for Small Businesses to help small employers and advisers find the right retirement savings option to offer employees.
The Retirement Savings Selector Tool for Small Businesses was created in conjunction with Millennium Trust’s Workplace Savings Solutions to help small businesses identify a retirement savings option that may be a fit for their business by answering a few quick and easy questions. The results of the tool are determined based on factors such as how many employees the business has and how much the employer would like to contribute to the account.
“The Retirement Savings Selector Tool for Small Businesses is a completely agnostic resource,” says Vice President of Workplace Savings Solutions Kevin Boyles. “We want to help businesses understand their workplace savings options, even if that leads them to something we are unable to directly support.”
According to Millennium Trust, its 2018 Small Business Retirement Survey found nearly half (45%) of small businesses surveyed did not research a retirement savings option, and those that did research options ultimately chose not to offer anything. The company says this may often be due to perceived misconceptions related to size, cost and complexity, which are often associated with the assumption that a 401(k) plan is the only option.
“Many employers are aware that offering a retirement savings option would be beneficial to their employees,” says Boyles. “But, despite this interest in offering a retirement savings benefit, there is a significant lack of education surrounding alternative options, like SIMPLE, SEP, and Payroll Deducted IRAs. This is why we developed the Retirement Savings Selector Tool to serve as an easy start to understanding what may be right for a small business and its employees.”The Retirement Savings Selector Tool for Small Businesses generates which retirement savings option may be the best fit and lays out comparisons of each plan for small businesses to explore further.