FOR IMMEDIATE RELEASE
The Wayne County Area Chamber of Commerce (WCACC) announced their partnership with Lincoln Financial Group to deliver a new Chamber Group 401(k) program to benefit new and existing Chamber member businesses. Through this new program, Chamber member businesses will have access to retirement plans with competitive pricing, thanks to the group 401(k) pricing offered by Lincoln Financial.
Starting today, the WCACC Group 401(k) plan is available to Chamber members at no additional cost. Businesses will access the plan through their local Chamber member financial professional or advisor and will work with Lincoln Financial Group to find the right plan for their situation.
“Launching a retirement plan has been a goal of ours,” said Chamber President and CEO Melissa Vance. “We have worked hard to find the right partnership that will provide the most benefit to our members, and I am confident that Lincoln Financial Group was the correct choice.”
The Multiple Employer Aggregation Program (MEAP) is a group 401(k) program designed and made available for an organization’s members or clients. Members benefit from the reduced work of administrative responsibilities and fiduciary liabilities.
“Benefits of the partnership between the Chamber and Lincoln Financial provides significant advantages to small employers looking to increase benefits for employees,” said Gavin England of Lincoln Financial. “Having a strong retirement plan increases employee retention and eases the burden of hiring in this environment. Historically, markets with tight labor forces have found that more robust benefit packages are more important in hiring than increased wages.”
By taking advantage of the Chamber Group 401(k) plan, Chamber member businesses will have access to large group pricing models. Each business will have the opportunity to customize their plan to meet their needs. Lincoln Financial Group will take on many of the responsibilities of running a 401(k), leaving the businesses with less administrative work that can often be a deterrent to small businesses with limited staff and resources.
Chamber Board Chair Katie Alyea agreed with England. “Offering benefits is an excellent way to retain quality employees. Unfortunately, the cost of offering these benefits is prohibitive to many of our small businesses,” said Alyea. “Thankfully, the Chamber’s Group 401(k) plan allows businesses to provide an excellent benefit to their employees at a competitive price with reduced liability.”
Lincoln Financial has a team of professionals right here in Indiana. They were selected due for their expertise, credibility and service, Vance said. They are a Fortune 200 Company with over 115 years of experience. They have high ratings with recognized agencies, such as Moody’s, Standard & Poor’s, A.M. Best and Fitch. Even better, Vance says they have high satisfaction rates with their customers.
Businesses and their employees will have access to an easy-to-use website and the sponsor will have a dedicated portal. They will also be given customized materials to use with their employees.
Those interested in accessing the Chamber Group 401(k) plan may contact their existing Chamber member financial professional or contact the Chamber to be connected with a certified financial advisor.
To learn more about Chamber membership, contact Roxie Deer at 765-962-1511.
Daniel Arthur, Communications Coordinator