Uncommon PEO Services – Retirement Plans for Cannabis Businesses

“There is only one way to eat an elephant: a bite at a time.” -Desmond Tutu

Desmond said it best. You can accomplish absolutely anything in life, regardless of how daunting or overwhelming it may feel, if you take on a little at a time. I believe that same philosophy should be applied to saving for your retirement. Thinking about one day no longer having a steady source of income can be big and scary if you do not start planning for it now.

Companies began offering their employees retirement savings plans decades ago. With company match programs and vesting options, employees can only benefit from taking advantage of available retirement plans. Offering retirement plans works in favor of the employer, too. Attractive benefits help recruit and retain staff. Not to mention the tax perks.

As we see every day, the cannabis industry is exploding. Business and job opportunities are popping up left and right. One challenge we are seeing within the cannabis space, however, is the lack of retirement providers willing to partner with cannabis businesses. Fortunately for cannabis industry employers, AdaptiveHR is the exception to the rule.

Though retirement plans may not be cannabis common just yet, there is never a wrong time to start saving, and we’re here to help. AdaptiveHR offers a client- and business-specific Multiple Employer Savings Plan, which means you pick and get only the services you want. The plan is affordable, flexible, and customizable.

“These are brand new start-up plans, so a lot of times these clients, because of the industry, do not have a lot of options for retirement plans. Very few retirement providers accept the cannabis industry,” said Debbie Jeansonne, AdaptiveHR Director of Retirement Services.

Here’s how it works:

AdaptiveHR will assign you a Financial Educator who will be available to assist you with everything, starting with one-on-one enrollment. They will also conduct annual retirement-focused workshops and help with account reviews, payroll contribution changes, asset allocation recommendations, rollover consolidations, etc. AdaptiveHR and our service providers will then take it from there. We will manage nearly all administrative tasks for you, including:

• Administrative responsibilities
• Employee eligibility tracking
• Distributions
• Plan compliance
• Non-discrimination testing
• Annual reporting
• Participant education/enrollment

“AdaptiveHR is the trustee on the plan, so our clients do not have any fiduciary responsibility either,” Jeansonne said.

There are several ways we can tailor the plan to meet your needs. We will even monitor the investment lineup at the Plan level on a quarterly basis, ensuring we are delivering the highest quality of service to you and your employees.

Happy wife = happy life. I believe something similar: Happy employee = happy employer. If you have someone who is willing to sacrifice a part of themselves in order to work with you and your company for either a portion of, or possibly the rest of, their lives, you should want to take care of them. What better way to do that than by giving them an opportunity to save and plan for their future.

photo by Aaron Burden