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Retirement has changed significantly over the years. It used to be simple for companies to create a pension plan that offered employees financial support after they left their positions. Today, employees want and need much more. As you are working to create an employee retirement plan for your staff, there are a few key things to look for and to invest in for your team.

Flexibility in the Type of Retirement Plan Used

One of the key elements of creating an employee retirement plan is building a plan that’s designed for their individual needs and way of life. That will differ from one employee to the next. For that reason, it is beneficial for employers to consider several types of retirement accounts, including 401(k) and IRAs. Roth IRAs are another option for employees. Find out what type of plan is right for their needs.

Matching Contributions

While employees are mostly responsible for funding their retirement plans today, they want to know the company they are working with is committed to supporting those efforts through matching contributions. It’s important for you to outline when you will provide such retirement support, how your employees can use it, and when they will be fully vested.


Did you know that many of your employees know that retirement plans are beneficial but don’t often understand what their options are? They may not have much experience in choosing funds and investment strategies. Provide them with a team of professionals who can actually educate them on their options.

Access Early

Also, consider providing newer employees with access to retirement benefits early on in their employment with you. Once you have a plan in place, keep it going. Companies who change their strategies often, or work with multiple companies for retirement plans, are less dedicated to supporting their employees’ needs from the perspective of the employee.

Design a Retirement Plan for Employees That Works

Building a retirement plan for your employees should not focus on cost-cutting measures or finding the lowest priced insurance. It should focus on providing employees with what they need and want. That’s what attracts and retains talent. Work with our team at Sterling Financial to determine the best tools and resources to create an effective employee retirement plan for your company.