When retirement plans are offered employees take advantage of them. 80.3% of eligible employees held balances in their 401(k) plans, according to the Profit Sharing/401(k) Council of America.*
There may be a number of reasons why small employers choose not to offer a retirement plan for their employees. According to the 2003 Small Employer Retirement Survey conducted by Employee Benefits Research Institute, 3% of respondents say employees prefer wages to retirement plans and 12% says employees aren't interested. And another 27% say the uncertainty of their business prevents them from offering retirement benefits.
The most powerful motivators for new plans sponsors are business reasons--more than half of those surveyed believe that the plan has a positive impact on their ability to attract and retain quality employees as well as on the attitude and performance of their employees.
A Northwestern Mutual Financial Network Representative can work with you to design a retirement plan that will help provide your employees with a significant advantage when saving for retirement.
Benefit plans may include: