Vestwell, Author at Patriot Software

Vestwell, Author at Patriot Software Tue, 29 Oct 2024 12:35:32 +0000 en-US hourly 1 https://wordpress.org/?v=6.6.2 https://www.patriotsoftware.com/wp-content/uploads/2020/01/cropped-site-favicon-32x32.png Vestwell, Author at Patriot Software 32 32 Safe Harbor 401(k) Plan: How to Maximize Your Small Business’s Savings https://www.patriotsoftware.com/blog/payroll/safe-harbor-401k-plan/ Tue, 19 Dec 2023 13:51:00 +0000 https://www.patriotsoftware.com/?p=56568

White piggy bank with bills sticking out and coins on the ground.

In the United States, the most common type of retirement plan is the trusty 401(k). With over 60 million active participants and an estimated $7.3 trillion in assets, businesses of all sizes offer this type of plan to help their employees save for the retirement they deserve. However, not all 401(k)s are the same. While […]

]]> Connecticut Employers, How Much Do You Know About MyCTSavings? https://www.patriotsoftware.com/blog/payroll/myctsavings-connecticut-retirement-savings-program/ Tue, 19 Dec 2023 13:47:00 +0000 https://www.patriotsoftware.com/?p=56694

Here’s a shocking stat: More than 600,000 private-sector employees in Connecticut don’t have an employer-sponsored retirement savings plan. To encourage more employees in the state to save for retirement, Connecticut launched the MyCTSavings Retirement Program (MyCTSavings). As with similar state retirement programs, MyCTSavings brings a mandate for many small businesses: Offer a retirement plan to […]

]]> CalSavers & Your Small Business: You May Be Required to Offer a Retirement Program https://www.patriotsoftware.com/blog/payroll/what-is-calsavers/ Wed, 13 Dec 2023 21:25:00 +0000 https://www.patriotsoftware.com/?p=56418

In 2019, the state of California put in place the CalSavers Retirement Savings Program, with the goal of enabling California residents to save for retirement. Right now, almost half of all private-sector employees in the U.S. are employed by small businesses. Of that group, only about 10% have a retirement savings plan at work. Despite […]

]]> Does Illinois Secure Choice Affect Your Small Business? https://www.patriotsoftware.com/blog/payroll/illinois-secure-choice-retirement-savings-program/ Wed, 13 Dec 2023 20:39:00 +0000 https://www.patriotsoftware.com/?p=56700

Older woman smiling and looking off into the distance.

A quarter of adults in the U.S. don’t have retirement savings. One reason? Not all employees have access to an employer-sponsored retirement program. Seeing this looming crisis, Illinois launched the Secure Choice Retirement Savings Program (Illinois Secure Choice). Like other state retirement programs, Illinois Secure Choice mandates that all businesses with five or more employees […]

]]> 4 Retirement Plan Features You Need to Consider https://www.patriotsoftware.com/blog/payroll/retirement-plan-features/ Mon, 03 Apr 2023 17:14:59 +0000 https://www.patriotsoftware.com/?p=62154

Older couple reviewing retirement plan features.

Offering a retirement plan comes with a host of benefits, including generous 401(k) tax credits, while also serving as a potent tool for recruiting and retaining top talent. There are also unique benefits that come from integrating your 401(k) plan with your payroll provider. However, plans are most effective when they help employees save for […]

]]> Small Business Accountants: Should You Talk to Clients About a Retirement Savings Plan? https://www.patriotsoftware.com/blog/accountant-professionals/talking-with-clients-retirement-savings-plan/ Fri, 16 Dec 2022 16:13:17 +0000 https://www.patriotsoftware.com/?p=60520

According to a May 2022 report from the Center for Retirement Research at Boston College, only 48% of small businesses with fewer than 50 employees offer a retirement plan. Not only does this disparity contribute to the retirement savings gap, but retirement benefits are increasingly seen as desirable by employees, meaning small businesses are missing […]

]]>