Maryland Small Business Retirement Savings Program Initial - PowerPoint PPT Presentation

Maryland Small Business Retirement Savings Program Initial Observations David Belnick, Executive Director May 7, 2018

Path To Succe Path To Success ss ➢ Get etting Org rganized ➢ Pro rocurement ➢ Pla lan Des esign ➢ Mark rketing ➢ Sys ystem Tes esting MD Small Business Retirement 2 Savings Board

Gettin Getting S g Start tarted ed ➢ In Init itial Mee eetings ➢ In Init itial Loans Agre reed & MOU Sig igned ➢ In Init itial Off ffice Space ➢ Hir ire Sta taff MD Small Business Retirement 3 Savings Board

Getting S Getting Started tarted ➢ In Interviewing La Lawyers & Potential Con onsultants ➢ Neg egotiating Stat tate Ben enefi fits ➢ Budget Rev eview & Rev evisions if if Nec ecessary ➢ Sett etting Up Fin inan ancial Con ontrols MD Small Business Retirement 4 Savings Board

Marketin Marketing & g & Comm Communica unication tion – Cast a Wide Net Cast a Wide Net ➢ Web ebsi site te an and Soci cial l Med edia ia ➢ Prin rint Mar arketin ing to In Indiv ivid iduals ls ➢ Ass sses essm sment & Tax axatio ion ➢ DLLR ➢ AARP ➢ Cham ambers s of f Commer erce ➢ Tra rade e Gro roups ➢ Loca cal Gover ernment MD Small Business Retirement 5 Savings Board

Plan De Plan Design sign ➢ Str trea eamli line Emplo loyer er Enro rollm llmen ent ➢ Mak ake Contrib ributio ion Amount Im Impactfu ful l ➢ Par articipant Educati tion Financial Cal Fin alcul ulato tors rs ○ Ret etirement t Rea eadiness s Projecti tions s ○ Hig ighlight t Tax ax Sa Savers s Credit t ○ ➢ Par artner er Wit ith Fin inan ancial l Communit ity MD Small Business Retirement 6 Savings Board

Procurement Procurement – Possible Possible RFP’s ➢ Plan lan Des esig ign ➢ Rec ecord-keeper er ➢ In Invest stment Consu sult ltant ➢ In Invest stig igate Opport rtunit itie ies s to to Consolidate RFP’s MD Small Business Retirement 7 Savings Board

Target Timetable Target Timetable 2018 Acti tivities 2019 Acti tivities : 2 nd ➢ Beg egin Plan lan Promoti tion: d Qtr tr. ting: 1 st ➢ Plan lan Mark arketi st Qtr. r. ➢ Procurement RFP’s: 3 rd and 4 th rd an h System: 1 st ➢ Pil ilot t Test est of of Syste st Qtr. r. Qtr’s tion: 2 nd ➢ Initi itial Fu Full ll Sca cale Ope pera rati d Qtr. r. ➢ Sele Selecti tion of of Rec ecord rdkeeper an and d hoices: 4 th Qtr. Investm stment t Cho MD Small Business Retirement 8 Savings Board

Final Final Thought Thoughts on s on Gett Getting This ing This Rig Right ht ➢ Pay ay Att tten entio ion Both th to to Small all Busi sines esse ses s and Thei eir r Emplo loyee ees ➢ Don’t Sacrifice Quality for Speed ➢ Bew ewar are of f Art rtifi ificial l Dea eadli lines ➢ Lea earn Fro rom th the e Exper erie iences s of f Oth ther ers ➢ We e Can an Gro row In Into Per erfe fectio ion MD Small Business Retirement 9 Savings Board