Founder of Black-Owned Payroll Company Partners with Major 401(k) Provider to Help Black Businesses Grow Wealth & Assets

To incentivize businesses to offer investment plans to their employees, the federal government offers business owners a $5,000 tax credit for each employee who enrolls in a 401k investment plan.

As a part of the partnership, Next Generation Payroll and Human Interest are also extending a technology Credit to cover the first year’s administrative costs of implementing a 401(k) plan. An enrolled company could receive anywhere between $500 to $10,000 in technology credits just for signing up.

Bryon comments, “With greater access to investment programs, we can take another step forward in building wealth within our communities. A 401k portfolio is a great asset to have because it not only prepares us for retirement but can also be used as leverage for economic gain in other arenas. This program is a win for everyone who participates.”

Employers who already offer benefits or have a 401k plan in place will likely see significant cost savings from their current provider as the industry typically charges 1.64% on account balances while Human Interests’ advisory fees hover at 0.50%. With an overall reduced fee structure, businesses save thousands of dollars, and the employees have more opportunities to grow their portfolios.

In an era where retirement security and business growth go hand in hand, Next Generation Payroll and Human Interest are poised to make a meaningful impact. This collaboration not only equips businesses to provide robust retirement plans but also champions the financial well-being of employees. Together, they are pioneering a path toward a more secure and prosperous retirement future for all.