Maximizing retirement benefits is a priority for many employees, and companies can provide a variety of options to help workers save money for the future. Employee benefit consultants support businesses by offering training and resources on retirement options including new comparability plans.
Companies may provide comparability plans to compensate employees properly for retirement plan contributions. Many traditional retirement plans give workers the opportunity to put money toward the savings account with matching contributions from the employer. New comparability plans differ as they give highly compensated workers the chance to earn more for retirement than traditional plans while minimizing employer and worker costs.
Employers may offer the plans to specific groups of employees, allowing each worker to make individual contributions. Businesses may group the plans based on workers' annual salaries, allowing employees to make contributions to the account in proportion to earnings. For example, an individual earning between $40,000 and $50,000 annually may be allowed to receive five percent matching funds, while an employee earning between $30,000 and $40,000 yearly could earn four percent matching funds from the employer.
Employee benefit service firms can teach human resource managers about setting up new comparability plans in an organization.
