The Society of Collision Repair Specialists (SCRS) announced it has launched a 401K Multiple Employer Plan as an exclusive benefit to SCRS members.
The ability to retain 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,” said Kye Young, chairman of SCRS. “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 401K 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 401K is one way for a business to mitigate their 401K 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, participants will not only have access to retirement and great benefit options but everything needed to streamline the 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. Broaddus’ job is to educate members about the 401K features and how it may help their businesses.
“A business owner offering a 401K plan is required to run a compliant retirement plan while often having little previous experience managing workplace benefits,” said Broaddus. “Over the past 12 months, SCRS has worked hard to design an association 401K 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.