401(k) plans offers opportunities for employees to save for retirement with tax advantages. It helps attract and retain top talent by demonstrating a commitment to employee financial well-being and long-term planning. Additionally, 401(k) plans offer employees a sense of security and confidence in their future, fostering employee loyalty and engagement.
403(b) retirement plans provides tax advantages similar to 401(k) plans, as contributions are made on a pre-tax basis. It demonstrates an employer’s commitment to the financial well-being of employees in certain sectors, such as educational and non-profit organizations. 403(b) plans offer employees an opportunity to save for retirement and potentially accumulate significant savings over time, contributing to their long-term financial security.
Offering Cash Balance plans provide enhanced retirement savings opportunities for employees, particularly those with shorter career spans or higher income levels. These plans offer a predictable and guaranteed retirement benefit based on a formula that considers both salary and years of service. Cash Balance plans can help attract and retain top talent by providing a competitive retirement benefit package, promoting employee loyalty, and supporting their long-term financial goals.