RI Hospitality Association (RIHA) Introduces 401(k) for Member Restaurants
Friday, June 03, 2022
The RI Hospitality Association (RIHA) is introducing the RI Hospitality Association Group 401(k) Plan, established in partnership with U.S. Wealth Management.
For RIHA’s members, the RI Hospitality Association Group 401(k) Plan aims to reduce the administrative workload that comes with sponsoring a retirement plan for employees, lower administration expenses, and help industry businesses to attract and retain talented workers who seek retirement benefits.
According to data provided by U.S. Wealth Management, approximately 30% of hospitality workers have access to a 401(k) plan at work, and only 13% participate.
GET THE LATEST BREAKING NEWS HERE -- SIGN UP FOR GOLOCAL FREE DAILY EBLAST“We are all fighting to attract and retain quality talent in a dwindling pool, and to do so, we need to focus on improving employee satisfaction,” said Dale J. Venturini, RIHA President and CEO. “By offering retirement benefits, you are making an investment in your employees’ future, and that is an investment that begins paying dividends today. Showing your staff that their wellbeing matters to you reinforces their commitment to you and your business.”
About Plan
For RIHA members who already offer 401(k) plans, RIHA says moving to the RI Hospitality Association Group 401(k) Plan would "likely lower costs and lessen administrative responsibilities and take away the need for any mandatory plan audit."
For those who do not have a plan, RIHA says starting with the RI Hospitality Association Group 401(k) plan is less expensive than looking elsewhere as there are no out-of-pocket startup costs or ongoing fees.
RIHA members who would like more information about the program can contact Retirement Planning Specialist Adam Dani, RIHA’s liaison at U.S. Wealth Management, by email at [email protected], or by phone at 781-884-2354.
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