Craig Toberman recently spoke to the Illinois Business Journal for an article on the implementation of Illinois mandated retirement plan for businesses with more than 16 employees.
In the article titled: Illinois retirement plan mandate expands further for companies employing 16 or more,” author Melissa Crockett Meske discusses what’s next in the Illinois Secure Choice program.
In the article, Craig Toberman discusses why employers should compare the tradeoffs between offering a standard 401(k) or participating in the the state’s program.
“With the program targeting businesses with 16 or more employees beginning November 1st, it still makes sense at this level to take a close look at the tradeoff between implementing the baseline ‘automatic IRA’ required by the Illinois Secure Choice program or just going ahead and implementing a standard 401(k) plan.”
“Once an employer’s administrative labor costs are considered for the state program, many business owners find that skipping this step and moving straight to an entry-level 401(k) plan makes the most sense for their business and company culture,” Toberman added.
If you are interested in hearing more of Craig Toberman’s thoughts on offering retirement plans for your employees, please book a call with him.
Craig Toberman is a Partner at Toberman Becker Wealth – a fee-only, fiduciary financial advisor based in St. Louis. He assists families and businesses with strategic financial planning and long-term wealth management. He has over a decade of experience in financial services and has crafted custom financial plans for hundreds of families and businesses.