401k Plans Added to U-Haul’s Program of Sponsored Dealer Benefits
By Al Benson, Program Manager, Dealer Benefits Network
During the pandemic, Dealers asked us for help with retirement benefits to help provide better financial and retirement security for the business and to attract and retain employees. We’ve responded.
We’re pleased to announce that the U-Haul Dealer Benefits Program now sponsors zero-fee 401k plans specifically designed for Dealer small businesses by our new program partner SaveDay.
June 1, 2022
Put U-Haul Dealer 401k Benefits to work for you!
If you previously thought a 401k plan was out of reach due the cost and complexity, now you can:
- Get the financial and retirement security boost of a zero-fee 401k plan for your business…
- Attract and retain employees with the #1 requested employee financial security benefit…
- Get a top-value 401k plan sponsored by U-Haul Dealer Benefits Program..
Zero Fees
We selected SaveDay, one of the nation’s leading providers and administrators of 401k plans, because SaveDay is focused on the small business market and designed our new 401k plans for Dealer small businesses with zero fees for Dealers to pay. Yes, I said “zero fees”! Our sponsored 401k plans remove the cost and reduce the burdens that traditional 401k plans require of employers.
Even better, our new 401k plans are available at the U-Haul dedicated and secure Dealer Benefits program website. With online assistance by SaveDay 401k professional staff, you can quickly and easily get your 401k benefits up and running. You are guided through the plan set up process and employee on-boarding. Payroll coordination, investment options, plan administration and testing are all streamlined for Dealers by SaveDay.
How Important is 401k to Businesses?
Dealers understand the importance for their business of offering 401k retirement benefits. Fully 94% of small business owners say they believe offering a retirement savings plan is important for employee recruitment and retention.
But only about one-third of small to medium sized private businesses offer 401k because of the costs and time involved in setting up and administering 401k plans. (Source: The Investment Company Institute.)
While participation in large-company 401k plans exceeds 55 million employees and plan assets of $5.6 trillion, most small businesses have been unable to afford 401k benefits.
“Do-It-Yourself” Benefits Program
Finding the right retirement plan and health plan for your dealership business or personal/family just seems to get more complex each year. That’s why for over a decade the U-Haul Dealer Benefits Program has been dedicated to helping you find the right solution for yourself and your family, your dealership business and your employees. It’s a big job. We know one size does not fit all and needs change. So, we don’t have one plan for all Dealers in all states.
Group Plans for Small Business – Along with your new 401k plan, consider adding our most popular employer-sponsored health solution that maximizes the available tax subsidy for the business while obtaining comprehensive major medical coverage as a group. State regulations require at least 3 employees be covered.
This is a U-Haul needs-based program offering a full line-up of retirement and insurance benefits, built over a decade in response to Dealer requests. Our Dealer Benefits team talks with Dealers from almost every state almost every day about their insurance and benefit needs. We use advanced online tools and secure digital technologies, so no in-person or worksite visits are required. That’s so important when personal contact and business activity is restricted.
It’s all voluntary and portable. All private and secure. Available here 24/7 at the U-Haul Dealer Benefits website.
I hope you find the benefits program works for you and your Dealership.