The Santa Clarita Valley Chamber of Commerce announced Tuesday the launch of its new SCV Chamber Member 401(k) Retirement Plan which is designed to save local businesses time and money in the administration of a 401(k) program for their employees, while creating individual, customized plans.
“Being a member of the Chamber means you’re part of a business community that works together and shares opportunities and successes,” said Nancy Starczyk, chair of the Board of Directors. “The SCV Chamber’s new 401(k) program brings businesses together to create the ability for small and medium sized businesses to offer cost-effective 401(k) retirement plans for their employees with substantially fewer administrative responsibilities.”
Beginning June 30, 2021, California will require all businesses with over 50 employees to offer their employees a retirement savings program. Then, by June 30, 2022 companies with 5 or more employees will be required to provide a retirement plan.
The Chamber Member 401(k) Retirement Plan has a goal to create a minimum $25 million fund within the next year. The Program was launched Tuesday, having already secured $5 million in retirement accounts from local businesses.
The SCV Chamber has partnered with Lincoln Financial Group to oversee the Multiple Employer Aggregation Program (MEAP) including the plan’s important administrative, record keeping and fiduciary services. Locally, LBW Insurance and Financial Services, will serve as the preferred local agent for the plan helping to get more businesses enrolled in the plan to help them reduce overhead expenses and meet new state requirements. The plan is open for all Chamber-member agents to participate.
“We feel this plan puts the Chamber on the forefront of a new movement towards large group retirement plans. Whether a Member company has a large 401k or is looking to set one up for the first time, this is a compelling and powerful option,” stated Todd Lerner, Financial Advisor for LBW Insurance. “And the state of California has started to require employers to offer retirement savings plans for to their employees. The SCV Chamber is getting ahead of these requirements and creating a cost-effective and simple way for employers to comply with these new regulations.”
“The SCV Chamber understands that a company’s retirement plan can be one of the most valued employee benefits that supports retention and attracts top talent,” said Ivan Volschenk, managing partner at Evolve Business Strategies, which manages the SCV Chamber. “The SCV Chamber continues to evolve and develop greater member benefits that are designed to support our local businesses and help them be successful.”
Tuesday’s announcement is the first of the major member benefit changes the SCV Chamber is making to provide greater value to our members.
Businesses seeking more information on the new SCV Chamber Member 401(k) Retirement Plan can attend the SCV Chamber’s Business After Hours Virtual Mixer on Wednesday, Nov. 18 at 5:00 p.m. The Chamber will also be hosting virtual workshops next month to help educate its members and financial agencies on the new plan.
The Multiple Employer Aggregation Program (MEAP) is a qualified retirement plan adopted by multiple employers through their association with a sponsoring organization, which acts as the lead sponsor. The MEAP is designed to gather the plan’s important administrative, recordkeeping and fiduciary services to be overseen by a third party, which allows the plan sponsors who participate to outsource many responsibilities that come with running a retirement plan, and often, helps reduce costs.
About Lincoln Financial Group
Lincoln Financial Group provides advice and solutions that help people take charge of their financial lives with confidence and optimism. Today, more than 17 million customers trust our retirement, insurance and wealth protection expertise to help address their lifestyle, savings and income goals, and guard against long-term care expenses. Headquartered in Radnor, Pennsylvania, Lincoln Financial Group is the marketing name for Lincoln National Corporation and its affiliates. The company had $270 billion in end-of-period account values as of June 30, 2020. Lincoln Financial Group is a committed corporate citizen included on major sustainability indices including the Dow Jones Sustainability Index North America and FTSE4Good. Dedicated to diversity and inclusion, we earned perfect 100 percent scores on the Corporate Equality Index and the Disability Equality Index, and rank among Forbes’ World’s Best Employers, Best Large Employers, Best Employers for Diversity, Best Employers for Women and JUST 100, and Newsweek’s Most Responsible Companies. Learn more at: www.LincolnFinancial.com.
About LBW Insurance and Financial Services
LBW Insurance and Financial Services was founded in 1922. It is a family owned, full-service independent insurance and financial services agency based in Valencia. Expert staff provide Property & Casualty, Employee Benefits, Life, Long Term Care and Disability Insurance as well as a complete range of Financial Services for both businesses and individuals. They advise over 50 local companies on their retirement plan benefits. Licensed in all 50 states, LBW represents in excess of 100 carriers and has specialized expertise and programs for entertainment, manufacturing and distributing, professional services, restaurants, cyber risk and tech-sector, construction, commercial real estate, and nonprofits.
About the Santa Clarita Valley Chamber of Commerce
The SCV Chamber is the largest business membership organization in the Santa Clarita Valley representing more than 65,000 member employees. The Chamber serves as “The Voice of Business” working as the SCV’s leading business advocacy organization in the third largest city in the County of Los Angeles. Founded in 1923, the Chamber works to advocate for, educate and connect the business community.
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