MyHRConcierge Offers Group Retirement Solutions
Enables small-medium businesses to offer more competitive employee benefits
Ridgeland, Mississippi (08/03/2016) – MyHRConcierge (MHRC) has partnered with SMB Benefits Advisors (SMB), a sister company, to provide 401(k) employee retirement plans and other employee benefits for small-medium businesses in Alabama, Mississippi and Texas.
401(k) Plans Make Sense for Smaller Businesses
About 60% of small businesses (25-249 employees) “give their plans top marks for helping them recruit and retain good employees and staying competitive when it comes to benefits,” according to 401(k) RetireWell StudySM sponsored by Guardian Retirement Solutions™ in 2013. This is not surprising when you consider that retirement benefits one of the top 3 drivers of employee loyalty in small businesses, according to a 2012 MetLife study.
Larger companies understand the appeal of 401(k) plans in recruiting and retaining valuable talent – 97% of them offer 401(k) retirement plans for employees, according to CNNmoney.com. But, only 29% of businesses with less than 25 employees offer a 401(k) retirement plan, according to the Small Business Administration.
“A 401(k) plan can be an affordable way to offer high value employee benefits that help businesses grow. Yet, concerns about costs, fiduciary responsibilities and time to manage the plan make customers leery of offering one,” noted John Yerger, co-founder of both MyHRConcierge and SMB Business Advisors. “We wanted to find an affordable solution for these customers that would help save time and mitigate fiduciary risk.”
Reconsider a 401(k) Plan for Your Employees
Reasons for establishing a 401(k) plan include more effectively competing for talented workers as well as business tax advantages and financial advantages for owners. However, many businesses mistakenly dismiss this powerful tool because they don’t understand its advantages. Others believe it’s too time consuming, risky, complex or costly to offer 401(k) benefits to employees.
Using service providers who handle set up and administration is one way businesses are reducing complexity, risk and cost traditionally associated with establishing 401(k) retirement plans. It’s now possible to find outsourced solutions for investment monitoring and selection, administration, compliance & reporting, enrollment and on-going education
“We wanted a way to help customers overcome the barriers preventing them from setting up and operating 401(k) employee retirement plans. We chose The Guardian Choice® and The Guardian Advantage® issued by Guardian Insurance & Annuity Company, Inc (GIAC),” noted Chris Cooley, co-founder of both MyHRConcierge and SMB Business Advisors.
“GIAC lets us provide large plan services for smaller companies – a great program to help reduce fiduciary risk and administration complexity,” continued Cooley. “Like us, GIAC focuses on the unique needs of small to medium businesses. Their philosophy about serving customers also aligns with ours. They’ve been recognized for providing “An Outstanding Customer Service Experience” by J.D. Power Call Center Certification Program. SM”
Faced with increasing risks from labor laws and competition for top talent, many employers are looking for a simpler, more affordable way to effectively handle HR challenges. MyHRConcierge is addressing this need with a customer-focused model including knowledgeable experts backed by secure systems.
We help our clients with ACA Employer Mandate Compliance, Employee Screening, HR Policy Development and a host other HR challenges. In partnership with SMB Benefits Advisors, we now provide employee benefits to small-medium businesses in Alabama, Mississippi and Texas.
Chris Cooley and John Yerger, founded MyHRConcierge because they saw a real need among U.S. small - medium business owners for a simpler, more personalized approach to HR management and administration. They were prompted to start SMB Benefits Advisors after seeing how frustrated their Clients have been with the traditional approach to evaluating, selecting and managing employee benefits plans.
About SMB Business Advisors
SMB Business Advisors’ customer-focused model features a Personal Employee Benefits Concierge – a real person, who understands business, HR compliance and healthcare regulations – and who is qualified to help you evaluate, select and manage a plan to meet your objectives.
SMB is licensed by the states of Alabama, Mississippi and Texas to provide its clients with services in 3 core benefit categories: 1) group health coverage; 2) retirement plans and 3) specialty benefits. We serve our Clients’ needs working with top providers in the industry including: Guardian, United Health Care, Aetna, Blue Cross, Blue Shield of TX, AFLAC, and others.
Guardian Advantage® group variable annuity contract and The Guardian Choice® group variable funding agreement are issued by The Guardian Insurance & Annuity Company, Inc. (GIAC), a Delaware corporation whose principal place of business is 7 Hanover Square, New York, NY 10004. GIAC is a wholly owned subsidiary of The Guardian Life Insurance Company of America (Guardian), New York, NY. Guardian does not issue The Guardian Choice® and The Guardian Advantage® and does not guarantee the benefits they provide.