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Retirement: The Employer's Role

Employers can help!

SHRM (Society of Human Resource Management) published an article, Generation Z Eyes Early Retirement, Wants Personalized 401(k) Advice on 10/20/2023 describing how Gen Z workers are struggling to put money away for retirement. This isn't only a problem for Gen Z but for every generation in the workforce today. Financial stress can impact an employee's productivity and overall well-being by being a constant distraction throughout the day.

How you can help! If you do not offer a 401k, consider doing that today. Any amount can help your team save for retirement. If you have a 401k, consider increasing the employer match by 1% or whatever amount you can budget. Lastly, bring in an expert! Allow your team time to meet with a financial advisor on the clock to plan out their financial goals.


Tip of the Week

Securing Your Future: The Impact of 401k Benefits for Employees

Securing Your Future: The Impact of 401k Benefits for Employees

As the saying goes, "The only constant in life is change." This adage certainly holds true when it comes to the world of employment and retirement. To navigate the uncertainties of tomorrow and build a financially secure future, many employees turn to 401k benefits. In this week's issue, we will explore the significant impact of 401k benefits for your team's financial success.

A 401k plan is a retirement savings vehicle that allows employees to contribute a portion of their pre-tax income to an investment account. These contributions are typically matched by their employers up to a certain percentage. The money in the 401k account grows tax-deferred until retirement, at which point it can be withdrawn as a source of income.

Financial Security One of the most significant impacts of 401k benefits for employees is the sense of financial security it provides. It's a structured way for employees to save for their retirement years. The peace of mind that comes with having a retirement fund allows employees to plan for their future with confidence.

Employer Matching Many employers offer a matching program for their employees' 401k contributions. This means that for every dollar an employee contributes, the employer will also contribute a certain amount, often up to a specified percentage of the employee's salary. This is essentially "free money" for employees, a valuable benefit that significantly accelerates retirement savings.

Tax Advantages 401k contributions are made with pre-tax dollars, which reduces an employee's taxable income for the year. This not only lowers the immediate tax burden but also allows employees to maximize the growth of their investments over time. Taxes on 401k withdrawals are deferred until retirement when many individuals are likely to be in a lower tax bracket.

Investment Opportunities 401k plans offer a range of investment options, from stocks and bonds to mutual funds. This diversity allows employees to create a diversified portfolio tailored to their risk tolerance and retirement goals. Over the long term, investments in a 401k have the potential to outpace traditional savings accounts or other forms of retirement planning.

Portability Another advantage of 401k benefits is their portability. If an employee changes jobs, they can roll over their 401k into an Individual Retirement Account (IRA) or into the 401k plan offered by their new employer. This ensures that the retirement savings remain intact and continue to grow.

Automatic Contributions 401k contributions can often be set up for automatic deductions from an employee's paycheck. This makes saving for retirement a hassle-free process and encourages consistent contributions over time.

Retirement Readiness By offering employees a structured retirement savings plan, employers are helping their workforce become retirement-ready. This not only benefits the employees but also the companies, as financially secure retirees, are less likely to delay retirement, which can open up opportunities for younger employees.

Today is the best day to get started with a 401k plan for your team! If you are interested in getting started or are not happy with your current advisor, contact FCHR today for an introduction to one of our many partners. Your team will appreciate every effort you put in!


The Compliance Corner

401k Compliance Considerations

Before setting up your 401k, talk to a professional. You will want to make sure you have a strong plan document often referred to as a Summary Plan Description (SPD) that outlines all important aspects of your plan. Depending on your employer size you may need to file specific reports with the IRS.

Below is a short list of considerations for complete compliance:

-What type of plan will you adopt?

-Traditional 401k


-Safe Harbor 401k

-Roth 401k

-Who is eligible? -How much will you contribute to the 401k?

-Who will manage (record keeping) your 401k?

-What education will you provide to employees?

-How will you process payroll and document this?

-Who will be the plan fiduciary?

-Nondiscrimination testing requirements.

-How do you limit liability?

NH State Poster can be found here.

Federal Agencies Posters can be found here.

The best first step is to talk to a service provider!

Reach out to get started today!



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Upcoming Event

Newport Area Chamber of Commerce's

Fall Breakfast

You are cordially invited to the Newport Area Chamber of Commerce's Fall Breakfast on Thursday, November 9, 2023 from 8-9am at The Old Courthouse Restaurant, 30 Main Street, Newport.

We are pleased to welcome guest speaker, Brian Gottlob, Director of the NH Economic Labor Market Bureau to speak about the outlook for the upcoming year in New Hampshire.

Tickets are now on sale for $25 and can be ordered via email at or by calling the Chamber Office at (603) 863-1510.


Service Offering

Employee Handbook Review

There is still time!

Full Circle HR is offering a New Year, New Handbook service for employers who have an established employee handbook and want to make changes for 2024.

This service includes a deep dive into what you want to keep, add, and change. We will review the handbook for compliance on a state and federal level. And we will prepare you to roll out your handbook to your team in 2024. If you request it, we can even come to you and meet with your employees to discuss the changes.

Space is limited and time is running out, so reach out today!


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