April 5, 2016

Taking care of business means taking care of employees

Lake Michigan Investment Services:

Employee benefits have always been a crucial part of attracting and retaining quality staffers. With corporate pension programs becoming increasingly rare, employees are now responsible for funding larger shares of their retirement plans.

As an employer, you walk a fine line between hiring smarts and fiscal responsibility. Employees look at their benefit package as part of an overall decision to stay with an employer, or to seek alternatives.

But you needn’t “break the bank” to give your employees competitive retirement benefits. Small businesses in particular have a number of options available that allow them to create cost effective employer-sponsored retirement plans. They include 401(k), 403(b) and Simplified Employee Pension (SEP) plans, among others. A number of factors will affect your choices, like your company’s size, makeup and financial footing. You’ll also need to address employee education, access and administration.

Certainly, choosing the right retirement plan specifics can be a complex process. Take advantage of the help and guidance of a Lake Michigan Credit Union financial advisor.

Call to schedule a time to meet with one of our advisors. We’ll get to know you and your business, and develop a rational, financially prudent plan to provide real value to your employee benefit packages. Call us at (616) 234-6524, or go online to lmcu.org/investments.