SCRS introduces 401K program as member benefit

The ability to retain your team members and keep them happy is paramount in a tight employment market. For many employers, offering benefits and retirement solutions can be an effective way to show how important their team members are to them. “Our board is comprised of small business owners, and feel strongly about finding ways to support and assist our team members,” shared SCRS Chairman Kye Yeung. “We are also all keenly aware that there is a challenge for many businesses like ours as a result of the costs and administrative burdens that go along with offering competitive benefits. It was a priority for this organization to find ways to alleviate some of those hurdles to positively impact the businesses we serve, and the lives of those they employ.” As a result, SCRS has partnered with Decisely, The Payroll Company, and Virginia Asset Management, to leverage the scope of SCRS membership in this 401K Program.Key Benefits Include:

• Efficency: Many members do not have a full time HR manager, leaving an owner or other employee to take on administrative tasks. Participating in an Association 401(k) is an effective way to outsource many of these responsibilities
   
• Cost: A 401k plan has several layers of cost and like many businesses, pricing improves with scale. By joining with other employers, association members can achieve greater numbers, which drives down expenses for participants.
   
• Fiduciary Support: Participation in a Association 401(k) is one way for a business to mitigate their 401(k) administration liability. Employers who use the Plan will have partners who provide fiduciary services and formalize their Plans with an Investment Policy Statement, Investment Committee Meeting Minutes and Employee Education. This is uncommon in employer plans under $5 million in assets.

With the SCRS Benefits Marketplace, powered by Decisely Benefits Services you will not only have access to retirement and great benefits options, but everything you need to streamline your most important administrative tasks.

As part of the benefit, Scott Broaddus, a Partner at Virginia Asset Management (VAM), has been hired as the key SCRS contact serving as the Investment Advisor for this Plan. Scott’s job is to educate members about the 401(k) features and how it may help your business.

“A business owner offering a 401(k) plan is required to run a compliant retirement plan while often having little previous experience managing workplace benefits,” shared Scott Broaddus. “Over the past 12 months, SCRS has worked hard to design an Association 401(k) plan that will save its members both time and money. With compliance and fiduciary oversight support, a business owner now has professional partners to ensure plan compliance while also saving on average 25% in total fees for its members with an existing 401k plan.”

If you would like to contact him directly, please find his contact information on the SCRS Benefits Marketplace.

If you have an existing 401(k) or SIMPLE IRA then VAM can also provide a complimentary report of your current investment options and Cost Analysis to keep for your fiduciary file. In work with preliminary participants, SCRS has identified savings ranging between $5,000 -$15,000 annually; while also presenting opportunities to positively impact employee plans and basis points.

“There has never been a better time to be a member of SCRS, or to consider joining,” added SCRS Executive Director Aaron Schulenburg. “We have said repeatedly that we believe small businesses deserve more, and that we are going to do everything in our power to leverage the opportunities created by the size and scope of SCRS’ membership. We are exceptionally fortunate to have partners with a similar vision, and look forward to serving our members – and their employees – well with programs like this that can contribute to increased quality of life.”

For more information about SCRS, or to join as a member, visit www.scrs.com.