With millions of Americans without access to a workplace retirement plan and many businesses struggling to offer their employees the benefits they deserve, SHRM (Society for Human Resource Management) today announced the availability of the SHRM 401(k) Solutions by Raymond James® program. The benefit offers a “marketplace” for employers to shop for a retirement plan with better pricing and time savings, while potentially outsourcing significant liabilities, risks, and expertise to successfully manage a 401(k) plan.
SHRM 401(k) Solutions by Raymond James comes on the heels of the passage of the SECURE Act and in the midst of discussions in Washington about the critical role that 401(k) plans will play in America’s financial future. Passed in 2019, the SECURE Act acknowledges that many small to mid-sized organizations do not have access to the necessary resources to meet their employees’ retirement needs. With this new program, employers can now offer workers high-quality, competitively priced investment options – the kind typically only available with large employers.
HR professionals lack both the time and, in many cases, the prudent expertise to administer and manage the complexities of offering a 401(k). This solution simplifies the burdensome process. As plan sponsors, employers have an opportunity to outsource various fiduciary functions including the investment management, plan administration, record keeping and educational components of the plan.*
“Today, HR professionals are focused on helping their business make it to the other side of this pandemic and are looking to identify forward-thinking ways to be there for employees holistically,” said Nick Schacht, SHRM-SCP, SHRM chief global development officer. “We have employees coming out of one of the most challenging economic times of their lives -- eager to proactively save. Without that coveted retirement plan in place, workers are simply less likely to invest in their future.”
Schacht adds: “Every employer, regardless of size, should have the ability to offer a quality, affordable 401(k) plan. And every plan sponsor should be confident they are making sound decisions regarding the management of those plans. Now, employers don’t have to do this alone. SHRM 401(k) Solutions by Raymond James works side by side with employers, strengthening retirement plan administration and supporting the financial wellness of millions of employees and their families.”
“Three in four workers are looking for more resources to help them with their overall financial wellbeing1. We also know defined contribution plans such as 401(k) plans are a primary savings vehicle for working Americans to provide retirement income in the future,” said Scott Curtis, president of Raymond James’ Private Client Group. “Small businesses need an efficient and cost effective option to offer these important savings vehicles for their employees, and we’re proud to be able to extend our 401(k) solutions offering to interested SHRM-affiliated employers.”
The new benefit also offers a complimentary benchmarking report where employers can assess their current plan fees, have service providers compete for their business, and identify where they can upgrade quality and service while potentially reducing costs.
To learn more, visit shrm.org/401k.
*Subject to applicable agreements
About SHRM
SHRM, the Society for Human Resource Management, creates better workplaces where employers and employees thrive together. As the voice of all things work, workers and the workplace, SHRM is the foremost expert, convener and thought leader on issues impacting today's evolving workplaces. With 300,000+ HR and business executive members in 165 countries, SHRM impacts the lives of more than 115 million workers and families globally. Learn more at SHRM.org and on Twitter @SHRM.
About Raymond James Financial, Inc.
Raymond James Financial, Inc. (NYSE: RJF) is a leading diversified financial services company providing private client group, retirement planning, capital markets, asset management, banking and other services to individuals, corporations and municipalities. The company has approximately 8,300 financial advisors. Total client assets are $1.15 trillion. Public since 1983, the firm is listed on the New York Stock Exchange under the symbol RJF. Additional information is available at www.raymondjames.com.
Services rendered will be dependent on applicable agreements.
1Source: Franklin Templeton’s “Voice of the American Worker” survey
Securities offered through Raymond James Financial Services, Inc., member FINRA/SIPC or Raymond James & Associates, Inc., member NYSE/SIPC each a broker-dealer registered with the Securities and Exchange Commission (SEC). Investment advisory services offered through Raymond James Financial Services Advisors, Inc. or Raymond James & Associates, Inc. each an investment adviser registered with the SEC.
Raymond James is not affiliated with SHRM.
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Contacts:
Mallory Flynn
Mallory.Flynn@shrm.org
