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

MD Small Business Retirement Savings Board

Path To Succe Path To Success ss

➢ Get etting Org rganized ➢ Pro rocurement ➢ Pla lan Des esign ➢ Mark rketing ➢ Sys ystem Tes esting

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MD Small Business Retirement Savings Board

Gettin Getting S g Start tarted ed

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➢ 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 Savings Board

Getting S Getting Started tarted

➢ In

Interviewing La Lawyers & Potential Con

• nsultants

➢ Neg

egotiating Stat tate Ben enefi fits

➢ Budget Rev

eview & Rev evisions if if Nec ecessary

➢ Sett

etting Up Fin inan ancial Con

• ntrols

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MD Small Business Retirement Savings Board

Marketin Marketing & g & Comm Communica unication tion – Cast a Cast a Wide Net 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

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MD Small Business Retirement 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

○ Fin Financial Cal 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

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MD Small Business Retirement 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

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MD Small Business Retirement Savings Board

Target Timetable Target Timetable

2018 Acti tivities

➢ Beg egin Plan lan Promoti tion: : 2nd d Qtr tr. ➢ Procurement RFP’s: 3rd rd an and 4th h Qtr’s ➢ Sele Selecti tion of

• f Rec

ecord rdkeeper an and d Investm stment t Cho hoices: 4th Qtr.

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2019 Acti tivities

➢ Plan lan Mark arketi ting: 1st st Qtr. r. ➢ Pil ilot t Test est of

• f Syste

System: 1st st Qtr. r. ➢ Initi itial Fu Full ll Sca cale Ope pera rati tion: 2nd d Qtr. r.

MD Small Business Retirement 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

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