Retirement Savings Plan

We believe all employees deserve access to a quality retirement savings program that can help them enjoy a healthier, more secure future. Yet concerns about cost and administrative difficulties may keep you from offering a plan.

Good news: With the Pinnacle Employee Services Retirement Savings Plan, you can give employees the opportunity to save for the future while reducing your administrative tasks and mitigating fiduciary risk. Through a variety of strategic partnerships, many administrative duties associated with sponsoring a plan are handled for you, so you can focus on what matters most: running your business. The partnership between PES and Transamerica also provides your employees access to a high-quality plan with diversified investment options selected and monitored by a professional investment manager.

The Pinnacle Employee Services Retirement Savings Plan, from a government reporting standpoint, is treated like one large plan. The result for you is a 401(k) plan with competitive investments, outstanding service, and someone else doing most of the plan maintenance legwork.

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Three Potential Benefits

Administration
When you join the Pinnacle Employee Services Retirement Savings Plan, most administrative tasks are handled by an independent third party who also acts as fiduciary. You can focus on your business, while they handle tracking, reporting, compliance, testing, and many other day-to-day plan activities.

Tax Advantages
Certain qualified defined contribution plans allow employer contributions to be deducted as a business expense.*

Potential Cost Savings
By joining the Pinnacle Employee Services Retirement Savings Plan, you benefit from the economies of scale enjoyed by large businesses. Pooling client assets can create cost savings, which are passed on to you and your employees.

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The Benefits Employees Want

In competing for talent, it’s important to understand what benefits employees want. A quality retirement plan, like the Pinnacle Employee Services Retirement Savings Plan, is near the top of the list. In fact:

  • 91% of workers value a 401(k) or similar retirement plan as an important benefit1
  • 84% of workers say retirement benefits offered by a prospective employer will be a major factor in their decision whether to accept1
  • 71% of millennial workers say they are likely to switch employers for a nearly identical job with a similar employer that offered “a retirement plan/a better retirement plan”2

Do your potential new hires view your existing program as a compelling reason to join your organization? What about your tenured staff?

  • 30% of employees want a better explanation of whether they are on course to retire3
  • 25% of employees want more one-on-one personalized education3
  • 25% of employees want more online educational tools3

PES and Transamerica will work together to evaluate your existing plan or create a plan that can help attract and retain employees.

Pinnacle Employee Services is your one-stop-shop retirement plan partners

Is your Business Prepared for New York’s Mandatory Retirement Plan?

In October 2021, Gov. Kathy Hochul signed into law an amendment requiring private employers to automatically enroll employees in the New York State Secure Choice Savings Program, with an aim of assisting employees who do not already have access to an employer-sponsored retirement savings plan.

Who does this apply to?
The program applies to both nonprofit and for-profit employers in New York state that meet the following requirements:

  • Employers that have been in  business for at least 2 years
  • Employers that have at least 10 employees within the state over the previous calendar year at all times
  • The employer has not already offered their employees a qualified retirement plan including, but not limited to, a 401(a), 401(k), 403(a), 403(b), 408(k), 408(p) or (457(b) plan, in the last two years.

What must employers do?

  • Offer the state-run plan – New York State Secure Choice Savings Plan or
  • Partner with PES and we’ll take care of administering your 401(k) benefits for you!

Learn more about The Potential Impact of State-Mandated Retirement Plans.

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Getting started is easy! Contact us for your HR Review and Needs Analysis today!

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Securities offered through Transamerica Investors Securities Corporation (TISC), member FINRA, 440 Mamaroneck Avenue, Harrison, NY 10528. All Transamerica companies identified are affiliated but are not affiliated with any other organization referenced.

* “401(k) Plan Overview,” Internal Revenue Service (irs.gov)

1 “Living in the COVID-19 Pandemic: The Health, Finances, and Retirement Prospects of Four Generations,” nonprofit Transamerica Center for Retirement Studies, August 2021.

2 “Retirement Security Amid COVID-19: The Outlook of Three Generations,” nonprofit Transamerica Center for Retirement Studies, May 2020

3 “2021 Retirement Confidence Survey,” Employee Benefit Research Institute, 2021

Before adopting any plan, you should carefully consider all of the benefits, risks, and costs associated with a plan. Information regarding retirement plans is general and is not intended as legal or tax advice. Retirement plans are complex, and the federal and state laws or regulations on which they are based vary for each type of plan and are subject to change. In addition, some products, investment vehicles, and services may not be available or appropriate in all workplace retirement plans. Plan sponsors and plan administrators may wish to seek the advice of legal counsel or a tax professional to address their specific situations.

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