![]() “Free web-based retirement tools from 401k providers and mutual fund companies are not comprehensive enough and are inadequate for realistic planning,” said Tim Turner. In either case, comprehensive, graphics intensive planning tools better serve employee needs than “freeware,” according to Torrid. High quality consumer-level retirement planning software is affordable and small businesses can negotiate discounted pricing by purchasing multiple licenses, either sharing the cost with the employee or paying in full. Regardless of size or participation in specific retirement savings programs, independent businesses can include a retirement planning software tool in employee benefits. It may squeeze earnings a little, but it is important. Don’t be shy about communicating to your employees that you’re doing this as a matter of conscious decision making. If … it worked its way through it and honored all its commitments, it will have earned loyalty … When times are tough is when you can build your strongest bonds with your workers. “Employers that Maintain Benefits Through Tough Times Will Gain Loyalty,” an article in the Credit Union Times (cites remarks by Dallas Salisbury, president of the Employee Benefits Research Institute (The entity that can maintain its benefits through this process is going to be in the strongest position in terms of retaining employees and adding to the workforce. “Experience tells us that whether by government mandate or voluntary participation, small businesses that deepen their commitment to employees’ long-term financial well-being will gain loyalty and competitive advantage.” ![]() ![]() “Although the costs and details are under debate, there is almost universal agreement that small businesses will become more involved in their employees’ retirement preparation and planning,” said Torrid Technologies founder Tim Turner. Leading associations for businesses affected by the mandate, the National Federal of Independent Businesses (and the National Small Business Association (have expressed interest in the financial and risk consequences of the proposal. Reported in early march by The Wall Street Journal the Obama Administration’s 2010 budget requires businesses two years and older with more than 10 employees to automatically enroll them in retirement savings plans. Independent businesses can cost effectively add value to employee benefit packages by including a simple retirement planning software tool for employees to track and manage their personal retirement scenario, according to financial planning software experts Torrid Technologies. ![]()
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