We are happy to introduce our new Retirement Benefits program provider – Vestwell
Vestwell is a leading financial technology company founded in 2016 to make it easier for small businesses to access workplace savings solutions. SaveDay is joining forces with Vestwell to simplify and elevate 401k plans.
If your Dealership business currently has a SaveDay retirement benefit plan in place:
Vestwell is reaching out to you now to streamline the transition with no change in plan design or investment options to Vestwell’s dedicated service team and tech-enabled platform. Click here for detailed information on what to expect.
If your Dealership business does not yet offer 401k benefits at work:
Let Vestwell help you simplify getting started with a tax-deferred retirement plan to boost financial security for the business and attract and retain employees. Click on the orange button to get started.
Vestwell is nationally recognized by employers, financial institutions and advisors as well as government agencies for its dedication to helping secure financial futures for nearly 15 million savers across over 350,000 businesses with over $35 billion in assets saved.
Why does your business still not have a retirement plan?
401k plans are the #1 requested employee financial security benefit.
Unfortunately, 90% of small businesses still do not offer their employees a 401k because of the perceived costs and time involved in the set up and administration of traditional retirement plans.
Our retirement benefit plan provider Vestwell provides full-service 401k plans that remove the worries of retirement plan administration for small businesses.
Our Benefits Program 401k plans are designed by Vestwell so Dealer businesses have no hidden fees, low-cost set-up and fully-supported plan administration, reporting and compliance.
Many Dealer businessowners are not aware of significant tax credits that help small businesses cover the initial cost of setting up a 401k plan for 3 years! Ask your tax advisor for details on how your Dealer business can take advantage of these 401k plan tax credits.
In 2020, a significant new tax credit was provided to incentivize small businesses to start 401K plans for employees under the Secure Act 2.0. IRS Form 8881 is used by small businesses to claim tax credits related to the cost of starting a new retirement plan or including an auto-enrollment option in the plan. To be eligible for the tax credit, a business must have no more than 100 employees who were paid at least $5,000 in the year before setting up the plan. Small employers (eligible employers with 1–50 employees) are eligible for a credit of 100% of qualified startup costs of a new 401k plan. Consult your tax advisor for details.
(Sources: 2022 Secure Act 2.0, U.S. Census Bureau 2016)
“Owner Only” 401k plan gives sole proprietors a low-cost way to get started with a retirement plan!
Now Dealer businessowners can set up a 401k plan just for themselves. This plan is specially designed for Dealers with no employees, or who are growing their businesses and may want to transition later to 401k plan that makes their employees eligible.
A state mandate requiring you to start up a retirement plan may be in the near future for your business.
More states and some cities* are now mandating small businesses to offer retirement plans to their employees or face penalties for non-compliance.
Instead of a government one-size-fits-all plan, get a private and flexible 401k plan solution designed for Dealer small businesses. Dealer businesses get:
Easy 401k plan start-up and employee on-boarding, supported by professional Vestwell staff.
Access to retirement planning resources and low-cost portfolio of exchange-traded fund (ETF) options.
Retirement investment platform designed by Vestwell for small businesses that’s easy for workers to use and personalized.
Access to significant new tax credits to help cover the cost of setting up a new 401k plan.
* 14 states and 2 cities have already enacted state-mandated retirement plan legislation and over 30 states have retirement plan mandates on small businesses under consideration in response to Congress’s passing of Secure 2.0 in December 2022. Source: DCP360, Inc. Consult your tax advisor for details.
