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At a time when traditional pension plans have all but disappeared from the business landscape - and when Americans are living longer and facing the prospect of living decades after they stop working - greater emphasis has been placed on the need for individuals to put money aside for their retirement.
And, increasingly, employers with the means to do so are helping their valued employees meet this challenge by establishing structured retirement plans that enable workers to put aside some of their earnings toward retirement. Creating such programs has become not only the right thing to do, but an important facet of employers' efforts to recruit and retain talented workers.
But the decision to initiate a retirement plan for employees is only the first of many that will need to be made, said Isaac Seigel, an investment executive with Infinex Investments Inc., located at Monson Savings Bank, and all of them should command the employer's full attention.
Seigel, who has assisted employers across the region with the many aspects of creating and maintaining a plan, offers these key bits of advice for business owners and managers:
* Understand Your Fiduciary Responsibility: As a plan sponsor, a business owner must be focused on the benefits of employees, said Seigel. "While there...