SC&RA Offers U.S. Membership New 401K Program Through One Retirement Source
(Centreville, VA - February 5, 2020)
- The Specialized Carriers & Rigging Association’s new 401K Program is now available at scra.tagresources.com
. In development for almost a year, the in-house initiative represents another SC&RA benefit for members in search of greater access to 401K retirement solutions.
The program is available through a partnership with SC&RA member One Retirement Source.
“One of the keys to this program is that it’s available to any SC&RA member company in the U.S. – regardless if they’re industry or allied,” said SC&RA CEO Joel Dandrea. “The Association draws no revenue from it. The program will be available as an option for members to take advantage of, and represents an effort by SC&RA to further cultivate the long-term health of our member companies.”
The basic idea behind the program is to provide SC&RA member companies, especially smaller employers, with access to a retirement plan that they may not be able to obtain individually on their own.
“We’re able to do this through grouping – taking their plan, whether a new or existing retirement plan, and bulking it together with a much larger plan,” said advisor representative and primary contact Dean J. DiGregorio, AIF®, partner at One Retirement Source. “This helps to achieve economies of scale in terms of pricing and services from the provider and other vendors.”
The new plan works for SC&RA member companies of any size, though DiGregorio highlighted that it typically works best for smaller-size businesses. “Primarily because it won’t make as much sense to the larger companies who have large plans of their own. However, this will really help the mom-and-pop shops who have maybe just a few employees up to, say, fifty. It allows them to become bigger than what they are and receive some of these fiduciary responsibilities for their plan that they may not have had access to elsewhere or on their own.”
Dandrea added, “We wanted to provide an effective benefits program to members who may have not previously been in a position to offer one due to cost or administrative burdens. This plan makes it easier and much more viable.”
Ultimately, once an SC&RA member expresses interest with the Association, they’ll call One Retirement Source and speak to DiGregorio or his partner, Chris Connelly. “We can get a feel for their business, what they’re looking to accomplish – if they have an existing plan or if they’re looking to start a new plan,” he said. “We can also help provide insight and see if this program is the best fit for them. Every plan and situation is unique, so it might not be their best fit, but it’s certainly worth the effort to see if it is.”
DiGregorio and Connelly will introduce the program to members via a webinar, “How to Offer Your Employees an Affordable 401k Plan (It’s Possible)”
on February 26, 2-3 pm (EST). For more information, visit scra.tagresources.com