Mar 04 2025 11 mins 1
In this episode Landon Troyer focuses on strategies to increase 401(k) participation among employees. Landon highlights that 50% of U.S. companies do not offer a 401(k) plan, and only half of those that do offer a match. Employer-sponsored plans can enhance employee retention and satisfaction. The Secure Act 2.0 mandates auto-enrollment, which increases participation rates. Landon notes the importance of educating employees on the need for savings and the advantages of 401(k) plans over simple IRAs for attracting and retaining talent.
In this episode:
50% of US companies don't offer a 401(k) plan, so if you do offer one, you're ahead of the curve.
Offering a 401(k) with an employer match can help attract and retain top talent for your business.
You don't have to offer a match, but it's a good perk that employees value.
Consider adding a vesting schedule so employees have to stay a certain time before fully owning the employer match.
New rules require auto-enrollment for new 401(k) plans, which boosts participation rates.
Offering a Roth 401(k) option can be beneficial for lower-income employees to grow tax-free retirement savings.
Overall, providing a strong 401(k) plan is an important employee benefit that can pay dividends for your business in terms of talent attraction and retention. Taking steps to maximize 401(k) participation is worth considering.
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Sponsor Spotlight: LandJet
A big thank you to our sponsor, LandJet, for supporting the show!
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Thank you, LandJet, for making this episode possible!
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Connect with David:
Website: www.businesswiththeboyz.com
LinkedIn: www.linkedin.com/in/daviddecelle
Email: [email protected]
Connect with Landon:
Website: www.businesswiththeboyz.com
LinkedIn: www.linkedin.com/in/landon-troyer-837b822b
Email: [email protected]
