Employees that are getting close to retirement are not the only ones evaluating their financial options. Millennials are showing a strong interest in saving money for their retirement years as well. Like many businesses today, you may offer a variety of retirement plans to attract and retain top talent. Manage your plans with greater productivity by adding a module to your Microsoft Dynamics GP Payroll solution.
According to “Millennials are saving for retirement at a much earlier age,” posted by Melanie Hicken on Money.CNN.com, millennials are earmarking more money for retirement than their Baby Boomer parents and Generation X peers. According to a study by Transamerica Center for Retirement Studies, 71% of millennials are participating in their employer’s retirement plans, such as a 401(k), and saving 8% of their annual salary compared to only 7% for Gen X-rs and a healthy 10% for Baby Boomers who are preparing to retire. The study also showed that nearly two-thirds of millennials would switch jobs if offered better retirement benefits.
Deferring compensation and matching contributions can become complicated, especially as the number of participants increases with business growth. Manage your retirement plans with ease and accuracy by adding the Enhanced Retirement Plans module to your enterprise resource planning (ERP) solution.
The Enhanced Retirement Plans module can streamline the calculation and processing of employee deductions into available retirement plans. You can create your variable matching rules based on employee deduction percentages, gross wages percentages, or fixed amounts. This flexibility allows you to setup a program and automatically calculates the amount contributed and matched. Should you offer more than one retirement plan, employees can contribute in accordance with IRS regulations which specify maximum contributions allowable to the plans. You can also offer a catch-up program which allows employees to make additional contributions to their regular limit without having to create special benefit codes or change deduction information.
As your business grows, it can become challenging to manage contributions and matching to employee retirement plans. An affordable add-on module can make managing retirement plans much more efficient. Contact Integrity Data for more information about managing your retirement planning programs with ease and accuracy.