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T. Mann Financial offers Employer-Sponsored Retirement Plans

T. Mann Financial can help employers set-up and maintain employer-sponsored retirement plans such as 401Ks, SEP IRAs, and Simple IRAs.

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Employer-Sponsored Retirement Basics in Oregon

 

There are many reasons for Oregon Employers to consider offering their employees retirement benefits.

Employer-Sponsored Retirement Basics

Employer-Sponsored Retirement Plan Types

Employer-sponsored retirement accounts are a crucial component of retirement planning, offering tax advantages and often employer contributions. Here's a summary of some common types:

Defined Contributions

Predetermined contributions from employers and or employees with the retirement benefit determined by investment performance. 

 

Examples: 401Ks, 403bs, 457b, SIMPLE IRAs, SEP IRAs

For Private Companies

  • 401K

  • Simple IRA

  • SEP IRA

  • Defined Benefit Plans

Geared Toward Large Employers

  • 401K

  • 403(b)

  • 457 (b)

  • Pensions

Defined Benefits

Guarantee of a specific retirement benefit amount to employees upon retirement typically based on factors such as salary history.

 

Examples: penions, defined benefit plans

For Gov. & some Non-profits

  • 403(b)

  • 457 (b)

  • Defined benefit plans

Geared toward Small Employers

  • Simple IRA

  • SEP IRA

  • Individual 401K (Solo 401K)

  • Cash Balance Plans

 The specific rules and features can vary, so it's essential for employers to understand the details of each option before building out their benefits package.

See a table comparing contibution limits

Why Offer Retirement Benefits?

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Attract and Retain Talent: Competitive retirement packages can enhance the overall compensation package, making the company more attractive to prospective employees. Employees might be more likely to stay with an employer that demonstrates a commitment to their long-term financial security.

Employee Satisfaction and Morale: Retirement benefits can contribute to a sense of financial security and well-being among employees, boosting morale and job satisfaction. A satisfied workforce is generally more productive and engaged.

Tax Advantages for Employees: Employees can benefit from tax advantages on contributions to retirement accounts, such as 401(k)s, helping them save more effectively for the future.

Tax Advantages for Employers: Employer contributions to retirement plans may be tax-deductible, providing potential tax benefits for the company.

Competitive Edge in Recruitment: Offering robust retirement benefits can be a differentiator in a competitive job market, helping the company stand out as an employer of choice.


Employee Financial Wellness: Retirement benefits contribute to the overall financial wellness of employees, reducing financial stress and allowing them to focus more on their work.


Legal Compliance and Employee Expectations: Compliance with regulatory requirements regarding employee benefits is essential. Offering retirement benefits aligns with societal expectations and legal obligations.


Employee Productivity and Engagement: Financial stress can negatively impact employee productivity. Providing retirement benefits can alleviate financial concerns, allowing employees to concentrate on their work.


Succession Planning:  Retirement benefits can assist in succession planning by encouraging employees to stay with the company for the long term, fostering continuity and stability.


Corporate Reputation: A commitment to employee well-being, including retirement benefits, can enhance the company's reputation as a responsible and caring employer.

 Offering retirement benefits can be a strategic move for employers aiming to attract, retain, and support a satisfied and productive workforce. It can contribute to a positive company culture and can have lasting benefits for both employees and the organization as a whole.

How T. Mann Financial can help employers with retirement

T. Mann Financial can set-up new or manage existing retirement programs in Oregon.

T. Mann Financial's Role in the Process

1. Identify Business Needs

We have a conversation with our business clients to identify what they hope to accomplish with their retirement benefits.

2. Select and Set-up Retirement Account

With those business objectives in mind, we help them select a retirement account type and then set it up. 

3. Manage the Retirement Accounts

T. Mann Financial then builds and maintains portfolios that match the employees' risk tolerances, time horizons, and their investment objectives. 

Example Employee Retirement Accounts

Colleagues at Work

Let's say that a business owner named Example in Springfield Oregon wants to offer retirement benefits to their employees to stay in compliance with OregonSaves. So they reach out to T. Mann Financial.

Financial Planner Todd at T. Mann Financial assists Example in establishing an employer-sponsored retirement account by first conducting a thorough analysis of the company's financial landscape and employee demographics.

 

Based on this assessment, Todd can recommend the most suitable retirement plan, which in this case is a SIMPLE IRA because of the business is still in it's growth phase and has a limited budget.

 

Todd then guides the employer through the implementation process, ensuring compliance with regulations, educating employees on the benefits, and continually monitoring and adjusting the plan to align with the company's evolving financial objectives.

How T. Mann Financial can help with retirement

Why T. Mann Financial?

We can potentially save your organization thousands on:

Administration Costs

Management Fees

Investment Costs

How about complimentary Financial Education Classes for your employees?

Customized for your company's needs and objectives

Springfield Oregon

Taught by Springfield-based fiduciary financial advisors

A Seamless Transition

Financial Advisors

Made possible by a dedicated local advisor.

Get started today by sending us your organizations' 408B2 form.

OregonSaves
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The OregonSaves Program

This is for educational purposes only, please visit OregonSaves.com for up-to-date information

OregonSaves Overview

OregonSaves is a state-sponsored retirement savings program designed to help workers without access to employer-sponsored retirement plans.

 

The program requires employers to facilitate automatic enrollment of eligible employees in Roth Individual Retirement Accounts (IRAs), allowing workers to save for retirement through payroll deductions.

 

OregonSaves aims to address the retirement savings gap by providing an accessible and easy-to-use option for individuals who may not have access to traditional employer-sponsored retirement plans.

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Employers

OregonSaves is a simple and cost-effective solution for facilitating retirement savings for their employees that doesn't require employers to manage a complex employer-sponsored plan. 

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Employees

OregonSaves allows employees to easily and automatically contribute to a retirement savings account through payroll deductions. It is also portable so it goes with you where your career goes.

Is your business OregonSaves Compliant?

 

Oregon Saves

 

"Oregon employers are required to facilitate OregonSaves if they don’t offer an employer-sponsored retirement plan." 

www.oregonsaves.com

Penalties for Non-compliance

$100 for the first year per eligible employee

Up to $5,000 annually. 

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