ESL expands Retirement Plans Group to keep pace with SECURE Act changes

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ESL Investment Services recently expanded its Retirement Plans Group, driven by upcoming changes to retirement plan offerings under the SECURE Act 2.0 and increased interest from employers looking for additional ways to attract and retain workers.

Peg Gaston, Wealth Planning and Advice manager with ESL Investment Services, said the number of changes slated to occur over the next few years with retirement plans prompted the need for ESL to be more proactive in support to its clients.

“We want to serve as a resource for them,” she said, adding the group would focus on client education and guidance, as well as being compliant.

The Retirement Plans Group offers business owners, corporations and non-profit organizations a full suite of retirement plan consultant services.

The services include access to employer-sponsored retirement plans, investment oversight assistance, employee education, fiduciary governance support and plan education services for businesses throughout the Greater Rochester region.

The group can help ensure businesses and their employees have access to suitable retirement plan offerings to help match their business and individual goals.

Gaston noted that a robust benefits package is a way that businesses are differentiating themselves from others, making them more attractive to prospective employees, especially in a job market that has been favorable to workers.

Paul Winkler was recently brought in as a retirement plan specialist for ESL Investment Services. Winkler and his colleague, Joseph Cappello, work directly with businesses to identify, evaluate and implement employer-sponsored retirement plan offerings.

Additionally, ESL has a retirement specialist, Rob Wright, who works with retirement plan participants to provide retirement plan education and solutions and help ensure their savings strategy aligns with their retirement and long-term planning objectives.

Winkler previously owned his own 401k consulting business for a dozen years and joined the ESL team in 2022, holding more than 20 years of total industry experience.

The SECURE Act 2.0, signed into law in December 2022, will bring many changes to retirement provisions over the next few years, he said.

The law allows businesses and their employees to capitalize on added incentives related to their retirement plans.

The passage of the SECURE Act 2.0 brings several provisions related to retirement plan requirements for small businesses and incentives to help offset plan startup costs, Winkler noted.

Some examples of the changes include student loan payment matching, expansion of auto-enrollment for new plans, a new tax credit for employer contribution costs and an eligibility expansion for small businesses to earn tax credit.

The changes are something all businesses need to be aware of, whether they are creating new retirement programs or have ones already in place, he said.

Winkler said the group has been focused on employer and employee education around the upcoming changes, adding that there is time to learn about them and act accordingly.

“Our goal is to help clients achieve a secure and dignified retirement,” he said.

The Retirement Plans Group can help with that process, he said, noting that many small-to mid-sized businesses have limited time to focus on the topic since they are busy with the day-to-day operations of their businesses.

Plus, the changes are nuanced, with rollouts of some continuing to be adjusted, so it makes sense to have someone dedicated to, and experienced in, retirement plans.

“As plans get more complex, the resources we provide can be of great value,” Winkler said.

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