New retirement approach precedes recent Executive Order, empowering small businesses to tap group purchasing strategies for quick, easy and affordable retirement benefit plans
ATLANTA, October 2, 2018 – Today, employee benefits brokerage and HR services company Decisely unveiled a new solution to help small businesses quickly, easily and affordably offer compelling retirement benefits plans for employees. Designed to deliver on the promise of emerging association retirement plans that leverage economies of scale to help small businesses offer attractive retirement options for small business employers and their employees, Decisely Retirement Solutions includes a suite of IRA and 401k solutions that meet the needs of employers and employees while satisfying emerging state and city requirements for small business retirement solutions.
Historically, many small businesses have not offered retirement benefits or plans because of prohibitive costs and administrative difficulties. In fact, 90% of larger companies offer a retirement plan, compared to 45% of companies with less than 100 employees and only 20% for those with less than 50 people. This leaves employees dangerously unprepared for life in retirement. A recent study from Northwestern Mutual found that the average retirement savings for an individual is only $84,000, far below the needed level for a well-funded, secure retirement.
Decisely Retirement Solutions makes it simple and affordable to initiate a plan for small businesses by reducing the administrative burden of launching one and minimizing the ongoing fiduciary risk and responsibilities of operating it. In addition to helping employees prepare for financial needs in retirement, it also enables businesses to better compete for talent in a full-employment market.
“Decisely Retirement Solutions is designed with small employers in mind, taking the hassle and risk off their shoulders so they can focus on running their businesses,” said Decisely CEO Kevin Dunn. “Our unique approach reverses the traditional dynamic for retirement planning, giving small businesses and their employees affordable and desirable ways to plan for retirement.”
Decisely Retirement Solutions allows multiple, unrelated employers to combine forces to deliver cost effective scale in 401k benefits sourcing. Companies simply sign up and adopt the plan. Decisely Retirement Solutions and its partners manages all compliance and oversight. Companies and their employees can take advantage of a simple online enrollment process and access to a variety of investment options for easy interactions and peace of mind. For small businesses that aren’t ready for a 401k, Decisely Retirement Solutions offers affordable employee funded IRA solutions as well.
Decisely Retirement Solutions are well timed to help companies looking to take advantage of potential regulatory changes. On August 31, 2018, President Trump signed an executive order designed to reduce the cost of retirement plans by lowering regulatory burdens and enabling small businesses to pool their resources to obtain more affordable retirement plan options for their employees.
At the same time, many states and cities now require all small businesses to offer a retirement savings solution for employees. Like with Decisely’s leading Association Health Plan offering that is helping companies collectively source medical and other benefits for Associations and Franchises, Decisely Retirement Solutions is poised to shape the future of small business retirement planning.
“At Decisely we have always been a champion of small businesses and our Retirement Solutions are just one more example of this,” continued Dunn. “We are excited for potential Administration changes that will benefit even more small businesses and their employees and look forward to the role Decisely Retirement Solutions can play in empowering American employers and workers.”
For more information about Decisely Retirement Solutions please visit decisely.com/retirement.
Decisely improves the health of businesses and their employees. Decisely is a benefits brokerage and HR services firm specializing in integrated technology solutions for small businesses. With the right mix of recruiting, benefits, HR, compliance, payroll, retirement & licensed support, Decisely technology brings your most essential HR activities onto one platform. Learn more at https://Decisely.com.