The South Valley Chamber is sponsoring a retirement package for small businesses that the organization is touting as an easy-to-administer option for 401(k) plans. Called the South Valley Chamber Retirement Solution, the plans are administered by TAG Resources, a retirement consulting and administration firm located in Knoxville, Tennessee.
“These plan options are fully compliant with all legal requirements, and the complex paperwork involved in administering them is taken care of by TAG Resources,” said Jay Francis, president and CEO of the South Valley Chamber. “That means that businesses can dedicate their resources to growing their business instead of filling out forms.”
Program participants are able to work with well-known and prominent 401(k) plan providers and as an extra layer of security, TAG Resources has taken on the highest level of fiduciary liability, said Francis. The program is that it follows an aggregate model, allowing businesses to provide 401(k) options at a discount, which then allows them to reinvest saved money into better options for their employees. Fees are also less expensive, saving businesses even more money in administrative costs, he said.
“I am excited to learn more about the new SVC 401(k) program, it could be a game-changer for our competitiveness as an employer,” said Jennifer Silvester, owner and CEO of Silvesco. “Offering a 401(k) program is such an important benefit but has felt out of reach for a small business like ours because it is time-consuming, confusing and expensive to figure out and manage. This may be a solution to solve all of those challenges.”
Those looking for retirement options for their employees can find more information at the chamber’s website, www.southvalleychamber.com.
