401(k) Benefits for You!
You may be surprised to learn that most members of the Air Conditioning Trade Association (ACTA) are affected by the retirement state mandate, also known as the “California Secure Choice Retirement Savings Trust Act.” The mandate was effective in June 2022, and requires all employers with five or more W-2 employees to offer a retirement savings plan.
A covered California business that does not comply with this mandate may face fines up to $750 for each employee and will be referred to the California Franchise Tax Board for further enforcement action.
The good news is impacted businesses can comply with the mandate by adopting a 401(k) plan for you and your employees. A 401(k) plan brings your business and its employees many advantages:
Benefits of a 401(k) Plan for Businesses
- Compliance with the California Secure Choice Retirement Savings Trust Act
- Defer Your Tax Liability
- Tax-Free Investment Growth
- Lower Tax Rate on Retirement Savings
- Federal Subsidy of a 401(k) Plan
Benefits of a 401(k) Plan for Employees:
- Employee Loyalty and Retention
- Increase productivity
- Lower Taxes
As an advocate of its members, ACTA has partnered with the #1-ranked 401(k) provider to small businesses, Ubiquity Retirement + Savings, to ensure our members can easily and cost-effectively follow the CA law.
In addition, ACTA members receive 50% off their setup fee ($250 savings) and at least $125 dollars off the cost of a plan each year.
Use this link or select the button below to sign up for more information.
This is a Member only benefit!
If you would like more information on 401(k) benefits, please contact Jill Mojica at jmojica@actrade.ac or click the button above.