Tony Mariano wants his employees to know how to fix toilets and water leaks, but he also wants them to plan for the future.
“They know plumbing, but they don’t understand finance,” he said.
Mariano, service manager for FlowPro Plumbing, said the company wants to start offering a retirement plan.
He was one of many home services professionals who attended this month’s CSRA Home Connections meeting on Wednesday, Sept. 14.
This month’s speakers were Joshua Linton and Michael Koltz, Vice Presidents and wealth planners for Queensborough Investments. They discussed the importance of offering a solid retirement plan for retaining employees, which has been a struggle for many businesses in recent years.
“We’ve been shocked by the line of businesses wanting to build retirement plans,” Linton said. “They (employees) want a retirement plan more than they want $4 more an hour.”
There are various plan options, such as a 401(k) or Simplified Employee Pension Plan, commonly referred to as a SEP-IRA. Regardless of the plan a business owner chooses, he or she is required to become an expert on that plan.
Linton discussed one local business that closed because its owner withdrew funds from his employees’ paychecks but forgot to deposit those funds into their retirement accounts. He said it was an oversight, not an attempt to steal from his employees.
There’s also a tax credit available for businesses that establish an employer-sponsored retirement plan.
“In general, you can receive up to $5,000 to offset the costs of setting up one of these plans,” Linton said.
But he said business owners should consult a tax expert about that.
Queensborough Investments can help businesses manage their retirement plans by offering advice and training.
“We provide ongoing education; we want everybody to be successful,” Linton said.
Once FlowPro establishes its plan, Mariano said he wants to have Queensborough Investments provide training for his employees.
“Most companies don’t provide financial training,” he said.
For more information, visit qnbtrust.bank/Investments.