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Wednesday, 17 April 2019 21:57

SCRS Introduces 401K Program as Member Benefit

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The Society of Collision Repair Specialists (SCRS) has launched a 401K Multiple Employer Plan as an exclusive benefit to SCRS members.

 

The ability to retain your team members and keep them happy is paramount in a tight employment market. For many employers, offering benefits and retirement solutions can be an effective way to show how important their team members are to them.

 

“Our board is [composed] of small business owners and feel strongly about finding ways to support and assist our team members,” shared SCRS Chairman Kye Yeung. “We are also all keenly aware that there is a challenge for many businesses like ours as a result of the costs and administrative burdens that go along with offering competitive benefits. It was a priority for this organization to find ways to alleviate some of those hurdles to positively impact the businesses we serve, and the lives of those they employ.”

 

As a result, SCRS has partnered with Decisely, The Payroll Company and Virginia Asset Management to leverage the scope of SCRS membership in this 401K Program.

 

Key benefits include:

 

• Efficency: Many members do not have a full-time HR manager, leaving an owner or other employee to take on administrative tasks. Participating in an Association 401(k) is an effective way to outsource many of these responsibilities

 

• Cost: A 401k plan has several layers of cost and like many businesses, pricing improves with scale. By joining with other employers, association members can achieve greater numbers, which drives down expenses for participants.

 

• Fiduciary Support: Participation in an Association 401(k) is one way for a business to mitigate their 401(k) administration liability. Employers who use the Plan will have partners who provide fiduciary services and formalize their Plans with an Investment Policy Statement, Investment Committee Meeting Minutes and Employee Education. This is uncommon in employer plans under $5 million in assets.

 

With the SCRS Benefits Marketplace, powered by Decisely Benefits Services you will not only have access to retirement and great benefits options, but everything you need to streamline your most important administrative tasks.


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