Latest / Money In Motion with Klaas Financial / Funding for your Employee's Retirement Future

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Funding for your Employee's Retirement Future · Money In Motion with Klaas Financial

0:00
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Speaker 1: professionals from Class Financial. Their website Coss financial dot com.
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Speaker 1: be complementary to you again their number six oh eight
1:02
Speaker 1: four four two five, six three seven, And you get
1:04
Speaker 1: on the air this morning regular standard on air studio
1:07
Speaker 1: line six oh eight three two one thirteen ten. That's
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Speaker 1: three two one thirteen ten. Joined this week by CJ
1:12
Speaker 1: Closs and Forrest Ross. CJ. How you doing this week?
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Speaker 2: I am doing great.
1:16
Speaker 3: How are you, Sean?
1:17
Speaker 1: I'm doing really well. Great to chat with you, Forrest,
1:19
Speaker 1: Great to have you back along. How are you doing
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Speaker 1: this morning?
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Speaker 3: Good morning, feeling fantastic.
1:23
Speaker 1: Fantastic, And we've got we've got some great stuff to
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Speaker 1: talk with CJ and Forest about this week, especially if
1:29
Speaker 1: you've got employees and you want to provide some retirement benefits.
1:33
Speaker 1: We'll get the details. Of course. Forrest's we talked about
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Speaker 1: director of Retirement Services. This is right right in his
1:39
Speaker 1: I would say wheelhouse, but that almost seems like it's
1:41
Speaker 1: almost almost too broad. We're talking to a pinpoint. What
1:45
Speaker 1: Forrest is a specialty is it's a great chance to
1:47
Speaker 1: if you've got a question to join us six oh
1:49
Speaker 1: eight three two one thirteen ten. That's six oh eight
1:51
Speaker 1: three two, one, thirteen ten before we get to this
1:54
Speaker 1: week's conversation. Other great feature of the program is the
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Speaker 1: weekly class Quiz Question of the week. Have a chance
1:59
Speaker 1: a little later on the program to win a fantastic prize.
2:01
Speaker 1: This week it's a twenty five dollars gift card to
2:04
Speaker 1: Best Buy from our friends at Coss Financial. Little tip.
2:07
Speaker 1: Most of the time, just about every time the question
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Speaker 1: and answer to the class Quiz question League comes up
2:11
Speaker 1: during the program, and before we get rolling on this
2:13
Speaker 1: week's show, let's actually take a look back at last
2:15
Speaker 1: week's show get the question and answer to the class
2:17
Speaker 1: Quiz question the week as well.
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Speaker 2: Yeah, I'm first off, thanks everybody for listening each week
2:23
Speaker 2: and participating in our in our fun little Closs Quiz
2:26
Speaker 2: question of the week. We enjoy it and certainly hope
2:28
Speaker 2: that you do as well. But last week's question was
2:32
Speaker 2: a true or false question, and the question was in
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Speaker 2: twenty twenty four, small business owners with no employees can
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Speaker 2: put away a maximum of seventy six thousand, five hundred
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Speaker 2: into a solo four to oh one k if they
2:45
Speaker 2: are over fifty years old. And again that was a
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Speaker 2: true or false question, and the answer to that question
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Speaker 2: is true.
2:52
Speaker 3: That is true.
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Speaker 2: A lot of people don't realize that. They think no, no, no,
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Speaker 2: no no. It's like, you know, twenty three thousand or
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Speaker 2: thirty thousand, if you're over the fifty and actually with
3:01
Speaker 2: solo for one k plans, depending upon your types of
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Speaker 2: earnings and how much earnings you have, it's actually a
3:07
Speaker 2: much higher limit. So congratulations to our winner from last week, Tom,
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Speaker 2: who correctly answered that question.
3:14
Speaker 1: Great, great opportunity, and congratulations Tom, great opportunity to win
3:17
Speaker 1: again today. I got to do is listen closely because oftentimes,
3:20
Speaker 1: as mentioned, the question and answer come up during the
3:22
Speaker 1: show tell you a little bit more specifically how you
3:23
Speaker 1: can win a little bit later on in the program.
3:26
Speaker 1: As we talked about, of course, this week we're going
3:28
Speaker 1: to be talking to folks about ideas for folks that
3:32
Speaker 1: maybe you have a business and you have some employees
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Speaker 1: and you want to provide retirement plans for us. What
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Speaker 1: what can we learn today?
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Speaker 3: Go ahead forirst Oh thanks, So you know, one thing
3:46
Speaker 3: that we really look at is, you know, for our
3:49
Speaker 3: listeners today that are either entrepreneurs or owners of a business,
3:54
Speaker 3: you know, they usually want to reward their employees for
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Speaker 3: their time and effort energy that they that they give
4:02
Speaker 3: them and a four ROH one K plan. Our employersponsor
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Speaker 3: retirement plan is a lot of times one of the
4:08
Speaker 3: main benefits that they provide to their employees as part
4:11
Speaker 3: of their overall benefits package.
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Speaker 1: Fantastic, and I apologize their c I was going to
4:16
Speaker 1: go to you as well to set that up, and
4:18
Speaker 1: I get really excited to talk to for so I
4:21
Speaker 1: get a little a little ahead of ourselves. Let's let's
4:24
Speaker 1: talk about kind of kind of an overview obviously of
4:26
Speaker 1: the program, and we talk about, you know, some of
4:29
Speaker 1: the benefits for individuals but business as well.
4:31
Speaker 2: Right, Yeah, I believe it or not, everybody, we do
4:33
Speaker 2: have somewhat of a script lay out of what we're
4:36
Speaker 2: talking about on the show. So yeah, no, anyways, kind
4:40
Speaker 2: a big picture here. Everybody knows that most weeks when
4:42
Speaker 2: we do Money in Motion, we are talking about financial
4:46
Speaker 2: planning topics or retirement planning topics that specifically impact individuals
4:51
Speaker 2: or families. But we actually have three divisions. We have
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Speaker 2: our kind of traditional wealth management division known as COLSS
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Speaker 2: Investment Portfolios. We have a fee for service division known
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Speaker 2: as Class three sixty, and that benefits again both those
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Speaker 2: divisions benefit individuals and families. And then we have a
5:07
Speaker 2: division that Forest is our director of, which is our
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Speaker 2: Retirement Services division known as CLOSS four oh one K.
5:14
Speaker 2: This is for employers who want to provide retirement benefits
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Speaker 2: to their employees. Most commonly these are four one ks.
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Speaker 2: Truth be told, it can come in the form of
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Speaker 2: sep iras, simple iras four O one k's four or
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Speaker 2: three b's four oh and a's four fifty seven's, blah
5:30
Speaker 2: blah blah blah blah, all the different numbers that go
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Speaker 2: out there. While people like Forest and I need to
5:35
Speaker 2: know what each one of those means, you don't need to,
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Speaker 2: You just need to know if you are an employer.
5:41
Speaker 2: So we're excited today. Forrest is our director of Retirement Plans,
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Speaker 2: the head of our CLOSS four one K division, and
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Speaker 2: he's just going to kind of go through some some
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Speaker 2: things that employers need to be thinking about. So Forest,
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Speaker 2: can you give us a starting point for employers who
5:55
Speaker 2: are listening today about some important things that they they
5:59
Speaker 2: want to make sure they have a place for their employees.
6:01
Speaker 3: Yeah. Absolutely, And the timing of the CJ is really
6:05
Speaker 3: kind of good too, because interestingly enough Tomorrow, September sixth,
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Speaker 3: is National four to oh one K Day, so this
6:12
Speaker 3: is kind of helping us celebrate that event as well.
6:16
Speaker 3: But when we talk to employers that either have four
6:21
Speaker 3: to oh one K plans that they currently are providing
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Speaker 3: to their employees again as part of that overall benefits package,
6:28
Speaker 3: or somebody who's maybe even interested in starting a new
6:31
Speaker 3: for oh one K plan for their employees, There's a
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Speaker 3: couple of things that I kind of want to touch
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Speaker 3: on first here, and one is plan design. It's important
6:41
Speaker 3: that you look at the how you design the plan
6:43
Speaker 3: and the features and provisions that you put into place
6:46
Speaker 3: when you're setting the plan up or when you have
6:49
Speaker 3: the plan in place, and this can have a big
6:52
Speaker 3: impact on how many people choose to participate in the
6:56
Speaker 3: plan or how much they choose to defer into the plan.
6:59
Speaker 3: And some of those features that are important to think
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Speaker 3: about are things like eligibility, auto enrollment, what kind of
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Speaker 3: investment options you have available in the plan, employer matching contributions,
7:12
Speaker 3: or even distribution options. All of these can have a
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Speaker 3: really big impact again on who participates in the plan,
7:19
Speaker 3: how many people participate in the plan, and how much
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Speaker 3: they set away for their future retirement through the plan.
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Speaker 3: A second thing that I just want to touch on
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Speaker 3: also is the cost of operating a four oh one
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Speaker 3: K plan. This is a little bit of a hurdle,
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Speaker 3: especially for people that are think about starting up a
7:40
Speaker 3: new four oh and K plan for their employees. But
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Speaker 3: the cost of a four one K plan can really
7:45
Speaker 3: be split between both the employee er and the employee e.
7:51
Speaker 3: So the employer typically pays for a lot of the
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Speaker 3: administration side of the plan, and then the employees pay
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Speaker 3: for more of the spent fees associated with the investment
8:03
Speaker 3: options and so on within the plan. But again, you
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Speaker 3: can design it in a way that works for you,
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Speaker 3: but it's important that you keep those overall fees at
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Speaker 3: a reasonable level. And it's also important to point out
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Speaker 3: that some recent legislation has allowed for tax credits for
8:23
Speaker 3: people that are starting a new four to oh one
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Speaker 3: K plan in twenty twenty four twenty twenty five, that
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Speaker 3: those tax credits can pay for a lot of the
8:30
Speaker 3: administrative costs of the plan for the first three years
8:33
Speaker 3: that the plan is in operation.
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Speaker 1: Well, that's good Dale. Talking this morning with Forrest Ross
8:38
Speaker 1: and CJ. Closs. They are our retirement planning professionals from
8:41
Speaker 1: Colss Financial. If you have questions for CJ and Forrest,
8:43
Speaker 1: we'd love to have you join us this morning. All
8:45
Speaker 1: I got to just pick up phone dial in six
8:47
Speaker 1: O eight three two one thirteen ten. That's six so
8:49
Speaker 1: eight three two one thirteen ten. Will get you on
8:52
Speaker 1: the air with our retirement planning professionals from Colass Financial.
8:54
Speaker 1: Their website cossfinancial dot com that's Coss k l Aasfinancial
8:59
Speaker 1: dot com and their telephone number six O eight four
9:02
Speaker 1: four two five six three seven. No charge for the
9:05
Speaker 1: initial gets to know you appoyment at COSS Financial. It
9:07
Speaker 1: will be complementary to you will find out if you're
9:10
Speaker 1: an employer maybe wondering well how much should I be
9:11
Speaker 1: looking at contributing to the retirement plan with the details
9:14
Speaker 1: from Forrest and CJ. We will do that next as
9:17
Speaker 1: Money in Motion with Coss Financial continues right here on
9:19
Speaker 1: thirteen ten. Wib I talking this morning with our retirement
9:26
Speaker 1: planning professionals from COSS Financial, CJ, Closs and Forest Ross.
9:30
Speaker 1: We are talking this week specifically if you're an employer
9:33
Speaker 1: and looking to offer your employees a retirement benefit plan,
9:37
Speaker 1: what are some some considerations, some things to think about.
9:41
Speaker 1: Of course, the folks that co Loss Financial can definitely
9:43
Speaker 1: help you with that. As we talk about the website
9:45
Speaker 1: cossfinancial dot com that's COSS k l a as financial
9:48
Speaker 1: dot com, you'll hear me about talking about learning more
9:51
Speaker 1: about COSS Financial and their separate divisions. Specifically, this week
9:54
Speaker 1: we're talking about the specific division COSS four oh one
9:58
Speaker 1: k as. We have Ross along with this who is
10:00
Speaker 1: the director of retirement services and Forrest. Before we went
10:05
Speaker 1: to break there, we were just kind of putting together
10:08
Speaker 1: some of the areas when it comes to designing a plan. So,
10:10
Speaker 1: if you're an employer, then how much should I consider
10:14
Speaker 1: then contributing to that retirement plan.
10:18
Speaker 3: Yeah, so that's a great question and it's really important
10:21
Speaker 3: one that you think about. So as an employer, when
10:23
Speaker 3: you're sponsoring retirement plan, you can choose how much you
10:27
Speaker 3: want to put into the plan to benefit your employees
10:30
Speaker 3: and structure really a variety of different ways. But I
10:34
Speaker 3: want to pause first of all and say, as an employer,
10:36
Speaker 3: you're not required to make contributions to the plan, but
10:40
Speaker 3: most employers do choose to do that again because they
10:42
Speaker 3: want to reward their employees and provide them with a benefit,
10:45
Speaker 3: and a lot of our clients decide to implement provisions
10:50
Speaker 3: called safe harbor provisions, which eliminates a lot of testing
10:55
Speaker 3: issues that can come up at the end of the
10:57
Speaker 3: year for four oh one K plans. But under those
10:59
Speaker 3: safe harbor provisions, there's really two main types of employer
11:04
Speaker 3: contributions that you can make to the plan for your employees,
11:08
Speaker 3: and the first one would be called three percent non
11:12
Speaker 3: elective employer contribution. With this type of a contribution, the
11:17
Speaker 3: employer is going to look at everybody who's eligible for
11:20
Speaker 3: the plan and then they're going to make a contribution
11:23
Speaker 3: of three percent of their gross wages to the retirement
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Speaker 3: plan for those employees that are eligible, whether they make
11:31
Speaker 3: any contributions to the plan or not. So that's one option.
11:35
Speaker 3: Another one that is probably a little bit more popular
11:38
Speaker 3: is using some type of a matching formula. With the
11:41
Speaker 3: matching formula, the employee or participant who's eligible for the
11:46
Speaker 3: plan has to make some contributions first out of their
11:50
Speaker 3: own pay, before the employer then makes matching contributions. So,
11:55
Speaker 3: for example, a common matching formula that we see would
11:59
Speaker 3: be one hundred percent of the first three percent, So
12:03
Speaker 3: me as an employee of the plan, if I'm eligible,
12:06
Speaker 3: if I make contributions from my pay every pay period
12:10
Speaker 3: up to three percent of my gross wages, then my
12:13
Speaker 3: employer is going to make dollar for dollar matching contributions
12:17
Speaker 3: to the plan as well on my behalf. So again
12:21
Speaker 3: from an employer standpoint, it's important that you think about
12:24
Speaker 3: how you structure those contributions, those employer contributions in really
12:30
Speaker 3: who you're trying to benefit, and because that can affect
12:34
Speaker 3: who participates again and the amount of contributions your employees
12:37
Speaker 3: choose to put them into the plan.
12:39
Speaker 1: Interesting stuff this morning. Got sorry about that.
12:41
Speaker 2: Ros you're going to add something, well, I was just
12:43
Speaker 2: going to mention something there, Sean. I. It's something that
12:46
Speaker 2: Force has actually helped us, even inside of Class Financial
12:48
Speaker 2: with our own four one K plan, to kind of
12:50
Speaker 2: evaluate the difference between a just automatic safe harbor contribution
12:55
Speaker 2: of versus maybe a matching formula. And so there's there
12:59
Speaker 2: are pros and cons of each. As far as just said,
13:01
Speaker 2: it depends on who you're trying to benefit, how you're
13:03
Speaker 2: trying to incentivize your employees, you know, so on and
13:06
Speaker 2: so forth. But it's these are really great options. I
13:09
Speaker 2: mean you can say, hey, I'm going to match you
13:11
Speaker 2: fifty cents on the dollar up to six percent, and
13:13
Speaker 2: if that means people have to put in six percent
13:15
Speaker 2: of their own money to get the three percent from you.
13:18
Speaker 2: And so these are ways to encourage people to save
13:20
Speaker 2: for their own futures. But for us, I know there
13:24
Speaker 2: are a lot of fiduciary considerations as well for the
13:27
Speaker 2: employer in the administration of these plans. What what do
13:31
Speaker 2: you think people or employers specifically should know about those
13:34
Speaker 2: fiduciary considerations.
13:36
Speaker 3: Yeah, So, as an employer, if you're sponsoring a four
13:40
Speaker 3: one K plan for the benefit of your employees, you're
13:43
Speaker 3: going to be subject to certain ARISA rules, and those
13:47
Speaker 3: rules lay out what kind of fiduciary duties you have
13:49
Speaker 3: to fulfill as being the plan sponsor of a four
13:52
Speaker 3: to one K plan, And an important one is offering
13:56
Speaker 3: a diverse lineup of investment options for the participants of
14:00
Speaker 3: the plan to choose from. So typically what we would
14:03
Speaker 3: see is we would see an investment fund lineup of
14:06
Speaker 3: twenty to twenty five different investment options for participants to
14:10
Speaker 3: choose from, and there's going to be a variety of
14:12
Speaker 3: different types of choices. There's going to be large cap,
14:16
Speaker 3: mid cap, small cap international, there would be bond, more
14:20
Speaker 3: conservative investment options, or target date fund options for them
14:24
Speaker 3: to choose from. But the important thing is to fulfill
14:28
Speaker 3: that fiduciary duty is you're providing a diverse choice of
14:32
Speaker 3: investment options so that the participants of the plan, no
14:35
Speaker 3: matter if they're twenty or if they're sixty, no matter
14:39
Speaker 3: where they are in their careers, they can create a
14:41
Speaker 3: portfolio of diverse investment choices that fit them. But from
14:47
Speaker 3: a fiduciary standpoint, not only do you have to provide
14:51
Speaker 3: that investment fund lineup, you also have to monitor the
14:55
Speaker 3: performance of those investment fund options up to a certain
14:58
Speaker 3: standard to make sure that performing up to a certain standard,
15:03
Speaker 3: and if they're not, then you may need to replace
15:05
Speaker 3: them or remove them from the plan. So again it's
15:08
Speaker 3: important you have a process in place to help do that.
15:12
Speaker 3: And when a plan sponsor is doing that, they need
15:15
Speaker 3: to make sure that they're making those choices for the
15:19
Speaker 3: best interest of all of the participants of the plan,
15:22
Speaker 3: not just the best interest of management or a certain
15:25
Speaker 3: group of employees. And then also it's important to really
15:31
Speaker 3: think about employee engagement and education and how you're providing
15:38
Speaker 3: that to your employees. This is a really important factor
15:43
Speaker 3: because your employees are being provided this benefit, but they
15:48
Speaker 3: need to understand the benefits of it, or how to
15:51
Speaker 3: enroll or how to change my investment options, or how
15:55
Speaker 3: do I increase or decrease what I'm putting into the plan,
15:57
Speaker 3: just how the plan works and how they can use
16:02
Speaker 3: that to achieve their goals and their future savings for
16:06
Speaker 3: their retirement. And this is where a trusted partner like
16:09
Speaker 3: a financial advisor is really crucial because they can come
16:13
Speaker 3: alongside you as the plan sponsor and really help connect
16:18
Speaker 3: with your employees again no matter where they are in
16:20
Speaker 3: their career, to help them understand how much should I
16:25
Speaker 3: be saving, how much should I be setting outside, how
16:28
Speaker 3: big of a nest egg do I need in order
16:31
Speaker 3: to have a successful future. And it's interesting that roughly
16:36
Speaker 3: thirty percent of households from a recent study who are
16:41
Speaker 3: nearing the end of their working career, thirty percent of
16:44
Speaker 3: them had really really never engaged in little or any
16:50
Speaker 3: type of retirement planning. So a lot of times talking
16:54
Speaker 3: to the financial advisor in your retirement plan and your
16:58
Speaker 3: four to oh one K plan is about the only
17:00
Speaker 3: type of retirement planning a lot of your employees are
17:02
Speaker 3: going to get. So it's important you have one that
17:04
Speaker 3: can really sit down with them one on one or
17:09
Speaker 3: on a phone call or in person and just really
17:11
Speaker 3: connect with them and help them understand what they should
17:14
Speaker 3: be doing.
17:15
Speaker 1: Excellent furs so you get a chance to do any
17:16
Speaker 1: of this stuff, get get out and sit down talk
17:18
Speaker 1: with people and give some education and get them up
17:21
Speaker 1: to speed on this stuff.
17:22
Speaker 3: It's one of my favorite things to do, Sean. I
17:24
Speaker 3: really enjoy not only working with the employers and designing
17:27
Speaker 3: the plan and making sure that it's working, but when
17:30
Speaker 3: you're sitting across the table from somebody talking about their futures.
17:34
Speaker 3: You know, that's the part that I really love about
17:36
Speaker 3: my job.
17:36
Speaker 1: That's great to hear. As we talked this morning with
17:38
Speaker 1: Forest Ross and CJ. Closs, our retirement planning professionals from
17:41
Speaker 1: Class Financial, don't forget again. Learn more about Class Financial
17:44
Speaker 1: online the website you know it, it's class financial dot com.
17:47
Speaker 1: That's coss k l AA S Financial dot com and
17:50
Speaker 1: their telephone number six oh eight four four two five
17:53
Speaker 1: six three seven no charge for that initial gets to
17:56
Speaker 1: know your appointment at COSS Financial, it will be complimentary
17:59
Speaker 1: to you again and their number six oh eight four
18:01
Speaker 1: four two five six three seven. Coming back, we'll get
18:03
Speaker 1: to the class quiz question week. We'll also talk about
18:07
Speaker 1: the commonality are are these readily available? What do we
18:10
Speaker 1: see here in that I'd say it's we'll get some
18:11
Speaker 1: of the details from our retirement planning professionals from Class Financial.
18:14
Speaker 1: We will do that next as Money in Motion continues
18:17
Speaker 1: right here on thirteen ten w IBI. We are talking
18:23
Speaker 1: this week with our retirement planning professional CJ. Closs and
18:26
Speaker 1: Forrest Ross. They come to us from COSS Financial, the
18:29
Speaker 1: website colssfinancial dot com. That's Coss k l a A
18:32
Speaker 1: S Financial dot com and their telephone number six o
18:35
Speaker 1: eight four four two five six three seven. No charge
18:38
Speaker 1: for the financial gets no eployment dech Coss Financial, it
18:40
Speaker 1: will be complimentary to you again their number six oh
18:43
Speaker 1: eight four four two five six three seven. And and
18:46
Speaker 1: for us just before the break, you were talking about
18:48
Speaker 1: getting the opportunity, of course to speak with employees and
18:52
Speaker 1: of course obviously meeting with employers as well. When we
18:54
Speaker 1: look at this type of stuff, how common are employer
18:57
Speaker 1: sponsored four oh one k retirement plans here in the
19:00
Speaker 1: United States.
19:02
Speaker 3: Yeah, So it's really interesting that according to an Investment
19:06
Speaker 3: Company Institute survey, as of December thirty first, twenty twenty three,
19:11
Speaker 3: there are more than seven point four trillion dollars in
19:16
Speaker 3: assets being held in more than seven hundred and ten thousand,
19:20
Speaker 3: four to one K plans across the United States. And
19:23
Speaker 3: that's a lot of money in four to oh one
19:25
Speaker 3: K plans in the United States, and it's comprised of
19:30
Speaker 3: seventy million active participants, former employees, and retirees, and the
19:35
Speaker 3: average account balance is one hundred and thirty four over
19:39
Speaker 3: one hundred and thirty four thousand dollars. So again, a
19:41
Speaker 3: four to one K plan is really important to a
19:44
Speaker 3: lot of people in helping them save for their retirement.
19:47
Speaker 3: But it's also interesting that according to a federal survey
19:51
Speaker 3: of consumer finances, barely half of American households actually have
19:57
Speaker 3: a retirement account. So what we tend to see in
20:00
Speaker 3: industry is there's this gap between the ones that have
20:03
Speaker 3: a four own key available to them and those that
20:05
Speaker 3: don't have an employer plan available to them. And as
20:08
Speaker 3: a result, what we're seeing is there are some states
20:12
Speaker 3: that are now requiring employers to provide retirement plans to
20:16
Speaker 3: their employees. For example, Illinois just to ourself, Just to ourself,
20:21
Speaker 3: they have a requirement that says, if your business has
20:25
Speaker 3: been in place for more than two years and you
20:29
Speaker 3: have five or more employees, you're required to provide a
20:32
Speaker 3: retirement plan to them, or you have to opt into
20:35
Speaker 3: the state plan. So there's more and more states rolling
20:39
Speaker 3: this out. Minnesota is going to be starting one in
20:41
Speaker 3: twenty twenty five, and so they're trying to close that gap.
20:45
Speaker 3: So even though they're very popular, what we see is
20:47
Speaker 3: they're going to even continue to be more and more
20:50
Speaker 3: popular as we go forward. And if you really want
20:54
Speaker 3: to have a successful retirement plan, as the employeer or
20:57
Speaker 3: the plan sponsor, you know it's important to connect with
21:01
Speaker 3: trusted Partner record keeper TPA financial advisors that can really
21:05
Speaker 3: help you develop a plan that fits for you and
21:08
Speaker 3: your employees, because it can help you not only attract
21:11
Speaker 3: new employees, but it can help you reduce turnover and
21:15
Speaker 3: really provides a great benefit to your employees. And ultimately,
21:19
Speaker 3: at the end of the day, you want to make
21:21
Speaker 3: sure that if you're providing a benefit to your employees,
21:25
Speaker 3: like a four to one K plan. You want to
21:27
Speaker 3: make sure that your employees are connecting and engaging with
21:31
Speaker 3: that plan so that they're using it to plan for
21:34
Speaker 3: their futures. And ultimately it can help you as the
21:38
Speaker 3: employer then grow your business by having really good employee.
21:42
Speaker 1: They think about how competitive out there to land those
21:44
Speaker 1: good employees and having a really good retirement plan and
21:48
Speaker 1: some options for potential employees. What a great benefit that
21:52
Speaker 1: can be, literally, great benefit that can be. So we
21:54
Speaker 1: talked this morning with Forrest Ross and CJ. Closs. They
21:57
Speaker 1: are our retirement planning professionals from class financial website COSS
22:00
Speaker 1: Financial dot com that's Coss k l aas Financial dot
22:04
Speaker 1: com and their telephone number six oh eight four four
22:07
Speaker 1: two five six three seven, no charge for the nation.
22:10
Speaker 1: Get to know your appoyment that coants Financial. It will
22:12
Speaker 1: be complimentary to you again their number six oh eight
22:14
Speaker 1: four four two five six three seven. And Forrest. As
22:17
Speaker 1: we're talking about making contact, let's talk about so if
22:20
Speaker 1: you're an employer, of course, I know we've got a
22:22
Speaker 1: number of them listening to the program. They'll they check
22:25
Speaker 1: in every week. If you're one of those employers looking
22:28
Speaker 1: to review a revamp your retirement plan for your employees.
22:32
Speaker 1: What can they do? How can they learn more about you?
22:33
Speaker 1: Wh's kind of that first step?
22:35
Speaker 3: Yeah, thanks, So a call or email to our office
22:38
Speaker 3: here in Fitchburgy at Cost Financial is a great way
22:40
Speaker 3: to get started. You know, we can provide you with
22:42
Speaker 3: a lot of uh tools and resources to either, you know,
22:46
Speaker 3: take a look at your current plan to see if
22:48
Speaker 3: it is up to speed with what we see being
22:51
Speaker 3: the normal these days, or even if you just think
22:54
Speaker 3: about starting a new plan for your employees. We'd be
22:56
Speaker 3: happy to assist you with that as well. And as always,
22:59
Speaker 3: you know, you know, always go at our website. We
23:00
Speaker 3: have a lot of good tools and resources out there
23:02
Speaker 3: as well.
23:03
Speaker 1: That is a really good website. You mentioned Class Financial
23:05
Speaker 1: dot com. That's Coss k l aas Financial dot com.
23:08
Speaker 1: From the website you can get to know the team.
23:10
Speaker 1: You can also, I know Forrest mentioned email email addresses
23:13
Speaker 1: everything up at Cossfinancial dot com. There telephone number six
23:16
Speaker 1: oh eight four four two five six three seven. Don't
23:19
Speaker 1: forget no charge for that initial get to know your
23:21
Speaker 1: appointment tech Class Financial. It will be complimentary to you
23:24
Speaker 1: again that telephone number six oh eight four four two
23:26
Speaker 1: five six three seven. Goit a hold onto the number
23:29
Speaker 1: now as well, because it's time for the COSS Quiz
23:31
Speaker 1: question the week. It works like this and just a moment,
23:33
Speaker 1: I'll ask you the Class Quiz question week. You will
23:35
Speaker 1: then have thirty minutes from the interday's program to call
23:37
Speaker 1: the Class Financial Office right here in Madison at six
23:40
Speaker 1: oh eight four four two five six three seven. If
23:43
Speaker 1: you are the first call correct answer, you win this
23:45
Speaker 1: week's prize, which is a twenty five dollars gift card
23:48
Speaker 1: to best Buy. This week's COLSS Quiz question week is
23:51
Speaker 1: this It's true or false? As of December of twenty
23:55
Speaker 1: twenty three, assets held in four oh one k plans
23:58
Speaker 1: across the US held more than seven trillion dollars in
24:03
Speaker 1: retirement assets. True or false? Telephone number six oh eight
24:07
Speaker 1: four four two five six three seven. First call with
24:09
Speaker 1: correct answer when the twenty five dollars gift card to
24:11
Speaker 1: best Buy. And again that's Class Financials Office right here
24:14
Speaker 1: in Madison six oh eight four four two five six
24:17
Speaker 1: three seven. CJ. Forrest. It's always great chatting with both
24:20
Speaker 1: of you guys. Enjoy this beautiful day.
24:22
Speaker 2: Thanks Sean.
24:23
Speaker 3: Thanks Sean, have a great day.
24:24
Speaker 1: You do the same doctor Marty Greer joins us. Next
24:27
Speaker 1: here on thirteen ten WIBA. This is Money in Motion
24:30
Speaker 1: with COSS Financial Asset Advisors LLC, a registered investment advisor
24:35
Speaker 1: registered with the SEC. The contents of this show are
24:38
Speaker 1: for informational purposes only and should not be considered individual
24:42
Speaker 1: investment advice. Class Financial does not offer tax or legal advice.
24:46
Speaker 1: Any opinion offered during the course of this show is
24:49
Speaker 1: the opinion of that particular investment advisor representative, and not
24:53
Speaker 1: necessarily the opinion of COSS Financial News Comes your way
24:57
Speaker 1: next right here on thirteen ten WIBA