With a focus on helping small and medium-sized businesses attract and retain talent through quality benefits packages, Inova Payroll is collaborating with DCM Financial Partners ltd. to create customizable 401(k) plans that maximize tax savings and retirement wealth while requiring lower employee and administrative costs.
The approach is designed to buck the industry trend of offering only one, inflexible plan to business owners, and offer tailor-made plan designs that benefit both owners and plan participants. Additionally, Inova-supplied plans help improve communication between plan administrators and the employees who need to know how they can benefit from a 401(k) plan.
This communication helps boost employee participation but also ensures that the plan maintains compliance with ever-changing tax laws. The customized plans offer personal consultations, webinars, and online forum access that provides helpful information regarding contribution maximization and top retirement strategies. Regarding the DCM/Inova Payroll partnership, President and CEO of Inova Payroll, Farsheed Ferdowsi said, “DCM brings more than 20 years of experience in design, consultation and management of 401k solutions for a diverse group of clients ranging in size from small businesses to large companies with hundreds of eligible participants. This partnership enables us to provide well-designed, scalable 401K plans to help our clients offer cost-effective, retirement benefits for their employees, as well as to maximize owner contributions for the future.”