In response to successfully supporting the cannabis industry with their 401(k) plan needs, Leading Retirement Solutions (LRS) has launched an additional employee benefits solution: The Cannabis Cash Balance Plan.
Seattle, Washington July 8th, 2020 – Thanks to the employee benefits experts at Leading Retirement Solutions, cannabis companies can now legally add a Defined Benefit or Cash Balance Plan to their employee benefits package and start saving money! Having seen great success with the Leading Cannabis 401(k), LRS has teamed up with veterans from the financial service sector to launch the Cannabis Cash Balance Plan; a trustee directed retirement plan solution for organizations operating in the cannabis industry. By partnering with an approved retirement plan custodian the new strategy supports Defined Benefit, Cash Balance, and other Trustee Directed Retirement Plans. With nationwide availability, this solution overcomes the traditional barriers cannabis companies face when looking to implement a legal retirement plan.
“A company-sponsored retirement plan, like a Cash Balance Plan, is one of the most requested employee benefits,” says Kirsten Curry, Founder and CEO of LRS. “It’s also one of the most cost-effective employee benefits, at one quarter the general cost of what a company typically pays for medical benefits.”
Given how few financial institutions are willing to work with the cannabis industry, many companies are unaware that they can legally sponsor a retirement plan. According to a 2019 Vangst Salary Survey, only 19.2% of cannabis companies offer retirement plan benefits to their employees. The addition of a Leading Cannabis 401(k) or a Cannabis Cash Balance Plan to your benefits package will differentiate your company and help attract and retain great employees. Offering a retirement plan demonstrates to employees that you’re willing to invest in their overall well-being, and that you care about their financial futures, boosting morale and increasing employee retention. Not only will adding a retirement plan reduce turnover, but it will save you money as well! By implementing a retirement plan, companies in the cannabis industry can take advantage of Internal Revenue Code 280E and COGS adjustments allowing for tax deductibility of company made contributions. Speak with an LRS representative today to find out how your company will profit from adding a retirement plan to your employee benefits offering.
For more information or to schedule a plan proposal, please contact LRS at (206) 430-5084 or email us at firstname.lastname@example.org.
About Leading Retirement Solutions:
For over 5 years, Leading Retirement Solutions (LRS) has served numerous cannabis companies with their retirement plan needs. With more experience in the cannabis industry than any other retirement plan administration company, LRS develops business solutions that minimize taxation, manage risk, ensure regulatory compliance, and build and protect your wealth. We have multiple retirement benefit structures for cannabis companies of all sizes and will work with you directly to find the best fit for your company. Our team of highly trained and qualified professionals will design, set up, and administer the best retirement plan program for your company’s needs, ensuring your plan is in compliance, and helping your employees grow their retirement savings. For more information on the Leading Cannabis 401(k) and our Trustee directed retirement plan solutions visit: https://www.leadingretirement.com/solutions/cannabis-401k-plan.