- July 12, 2022
We all love referrals. One of our clients told a friend about Madison Pension Services and we set up a phone meeting.
“Hi, David. Marsha said I should call you but I don’t think you’ll be able to help. I run HR for a medium-sized business and we need to work on our retirement benefits program. The problem is that I’m in New York and the state says we have to auto-adopt an IRA.”
“Actually, I think I can help. The state says you have to adopt their IRA program if you don’t have a plan of your own. This is often misunderstood but the intention is to make sure you’re offering something—anything. If you have a plan of your own, you don’t need the state getting involved in your business.
“What are the benefits?” asked Sam. “Isn’t it more complicated to set up your own plan?”
“Well, if you do it yourself, yes, but that’s what Madison Pension is here for. Why should you be forced to use a government plan if you can create your own? We can help you set up a plan that’s tailored to the needs of your organization and you’ll have a lot more control over the details. What do you think will serve you better—a custom plan or a one-size-fits-all plan bolted together by the government?
Sam laughed. “I’d think the custom plan would…”
“Yeah. It’s kind of a no-brainer, isn’t it? Tell you what: Let’s sit down and go over some numbers and features. It won’t cost you anything to compare the benefits and make the best decision.”