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As to sponsors’ concerns about the cost of providing a retirement plan or providing a company match, BofA reminds employers that matching a modest salary does not put an undue hit on the bottom line, plus, company matches are tax-deductible for sponsors. “Advisers are longing to show sponsors value,” Crain says. “Retirement plan advisers have the tools available today to advance the designs of 401(k) plans and their uses, to improve the health and vibrancy of the 401(k) plans they serve. When this works, employees know they have been helped, and the adviser has an opportunity to establish a long-term relationship. We feel very strongly that the 401(k) system has been successful and can be even more successful. The way to do that is obvious. The solutions are easy and not costly. I definitely have a great sense of optimism for 401(k)s in the next decade ahead.”Lee Barney
As to sponsors’ concerns about the cost of providing a retirement plan or providing a company match, BofA reminds employers that matching a modest salary does not put an undue hit on the bottom line, plus, company matches are tax-deductible for sponsors.
“Advisers are longing to show sponsors value,” Crain says. “Retirement plan advisers have the tools available today to advance the designs of 401(k) plans and their uses, to improve the health and vibrancy of the 401(k) plans they serve. When this works, employees know they have been helped, and the adviser has an opportunity to establish a long-term relationship. We feel very strongly that the 401(k) system has been successful and can be even more successful. The way to do that is obvious. The solutions are easy and not costly. I definitely have a great sense of optimism for 401(k)s in the next decade ahead.”
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