Betterment Retirement Benefit Plans
Betterment Retirement Benefit Plans
From planning for retirement, to preparing for a child’s education, to saving for emergencies, we know what it takes to help people reach their financial goals.
Why Betterment?
It starts with low fees and an easy-to-use interface for employers and opens the door for employees to plan for all their financial goals.
Betterment believes a better 401(k) doesn’t need to cost more or take more of your effort. Betterment takes care of all the details and provides you with a fully-integrated experience that makes keeping your 401(k) running a breeze.
Better for you
As your full-service partner, Betterment does the heavy lifting—onboarding, ongoing administration, fully automated payroll integration with Zenefits, reporting and investments, and much more—at one of the lowest costs in the industry.
Better for your employees
Beyond the 401(k). With holistic financial planning and goal-based saving tools, personalized advice, and expert-built portfolios, your employees’ financial wellness is front and center.
Better for your business
A holistic financial wellness offering can help you attract, retain, and motivate great talent. And when you help your employees gain control of their finances, they can focus on staying productive and fulfilled at work.
Helping employees make the most of their finances
Betterment guides employees through a personalized retirement plan, with recommendations on how much to save and which accounts to use. They can set realistic goals for retirement and can set up additional goals if they’re saving for something else.
Frequently Asked Questions
What does a "no-touch" integration mean?
That means that businesses who use Zenefits’ payroll software will be able to offer a Betterment plan to their employees without any manual work that’s involved in managing a company’s retirement plan, such as updating contributions amounts, sending out compliance notifications, etc.
Why should I consider a 401(k)?
Now more than ever, your employees need help making well-informed decisions today to prepare for a brighter tomorrow.
1. Your employees need help saving for retirement
2. The SECURE Act offers you major tax incentives
3. A Betterment 401(k) plan is easy to get up and running and easy to maintain—for a fraction of the cost of most providers
Read more from Betterment here: https://www.betterment.com/work/resources/wondering-if-you-should-start-a-401k
What tax credits are available to employers?
Businesses starting a 401(k) or other retirement plan may be eligible for tax credits including:
1) The Retirement Plans Startup Costs Tax Credit, which allows eligible employers to claim 50% of their ordinary and necessary startup costs up to $5,000 per year for up to three years. Employers may choose to start claiming the credit in the tax year before the tax year in which the plan becomes effective. Expenses incurred by employers to educate employees about the plan are also eligible.
2) There is a tax credit for new and existing 401(k) plans when they add an auto-enroll feature. The value of that tax credit is $500 per year for three years (a total of $1,500).
Why should I offer an employer match? Do I have to?
Outside of the tax deductions given to employers for making contributions to their employees’ retirement accounts, the employer match is a powerful recruiting tool to attract top talent.
No, but matching can be a powerful incentive for both hiring and retaining talented employees and there are major tax incentives for employers that offer a match.
Do I have to offer a retirement plan?
Many states have passed legislation regarding retirement plans—and have upcoming registration deadlines. It’s more important than ever to figure out what’s required of your business, as well as to find the best retirement plan for you and your employees.
Which states have passed legislation?
Since 2012, 46 states have either implemented a state-based retirement savings program, studied program options, or considered legislation. Today, there are 14 states and two cities that have enacted new programs for private sector workers. Of that number, five states have an active program.
If you work or have full time employees in California, Illinois, New Jersey, New York, or Oregon, there is active legislation and states with upcoming deadlines.
Learn more here https://www.betterment.com/work/resources/state-based-vs-401k
What other plans does Betterment offer?
As student loan debt continues to snowball in the U.S.–up to $1.75 trillion as of late 2021. In recent years, however, both employers and employees have signaled a growing expectation to work together on the issue.
Go beyond the 401(k) with Student Loan Management by Betterment at Work. Offer financial wellness package that helps employees pay off their student loans—and gives you a powerful tool to attract and retain top talent.
Why?
More than half (57%) of employees believe their company should help them pay off student loans according to exclusive Betterment research on employee financial wellness.
Nearly 9 out of 10 (86%) of young workers say they'd stay at least five years with a company if it helped with student loans.
Learn more here: https://www.betterment.com/work/resources/employers-student-loan-help
Ready to improve your financial wellness offering with Betterment?
It only takes a few minutes.
