Why choose or circumvent state programs?
Oregon Saves, CalSavers, and NM Work and Saves Act are built on Roth individual retirement accounts (IRA) and traditional IRAs and have no cost associated with enrollment nor participation.
Many small business appreciate that staff contributions through these programs belong directly to the employee and are portable to any employer offering state programs.
Conversely, compared to other investment options through a private retirement program, staff and businesses may see fewer tax benefits. These programs also are limited by a lack of robust investment options, and lower contribution limits due to lack of 401K integration.
Further, because state programs belong to a business’ individual FEIN, administration is a shared responsibility for PEO clients or solely the responsibility of HRO and ASO clients.***
For tax benefits, more robust program portability, investment options, administrative support, and importantly higher caps for contributions, we are excited to offer a premium alternative to our clients through Slavic!