Issue link: https://nebusinessmedia.uberflip.com/i/1536285
In the dynamic landscape of Maine's small business sector, owners face the dual challenge of managing financial needs and overcoming labor shortages. At J.P. Morgan Chase, we are dedicated to em- powering businesses with sophisticated solutions that not only safeguard their financial assets but also enhance their ability to attract and retain top-tier talent. Jay Washington, Maine's Retirement Plan Specialist at J.P. Morgan, works alongside Jennifer Demers, Chase Sr. Business Relationship Manager, and Jon Lakaszcyck, Chase Business Relationship Manager, to bolster local businesses and strengthen communities. Q: The 2025 Business Leaders Outlook survey by Chase reveals that 40% of respondents are significantly concerned about finding candidates with the right skill sets. 1 How can business owners address this issue? A: To attract qualified candidates, busi- nesses should evaluate their wages and benefits against competitors. With 35% planning to enhance benefits, a 401(k) is crucial, ranking second after health- care. 1 It's often more affordable and, with Maine's retirement plan mandate, a frequent topic with business owners and CPAs, according to Chase research. Q: Could you elaborate on the legislation requiring Maine businesses to offer workplace retirement plans? A: Maine's 2023 Retirement Savings Program mandates that businesses with five or more employees and two years in operation to comply. Employers needed to adhere by December 31, 2024, with penalties starting July 1, 2025, at $20 per employee, increasing to $100 by July 1, 2025, according to the legislation.² Q: How does J.P. Morgan Chase assist small businesses in Maine in meeting this mandate? A: Everyday 401(k) by J.P. Morgan was built for businesses with one 1 to 100 plus employees, ensuring compliance with state mandates and aiding talent retention while maintaining affordability. In tight labor markets, a robust retire- ment plan differentiates businesses, enhancing appeal to potential employ- ees and securing a stable workforce. Q: What key tax credits can small business owners leverage through SECURE 2.0? A: SECURE 2.0 passed in 2022 and covers 100% of administrative costs for new retirement plans (up to $5,000 for three years) as well as offers an employer contribution tax credit. Employers can receive up to $1,000 per employee for matching contributions, phasing out over five years, according to IRS Code³ These tax credits have transformed plan origination in the 401(k) industry. Q: How can employers and employees benefit from Everyday 401(k)? A: The Everyday 401(k) solution boosts employee satisfaction and retention by demonstrating a commitment to their financial future. Employers can also par- ticipate, saving for their retirement while benefiting from tax advantages in volatile markets. This dual benefit strengthens workforce loyalty and provides financial se- curity for both employees and employers. Q: How can I learn more about the business solution offerings of J.P. Morgan Chase, including the Everyday 401(k) solution? A: To explore the full range of offerings from J.P. Morgan Chase, including the Everyday 401(k) solution, business owners are encouraged to connect with Business Relationship Managers Jennifer Demers and Jon Lakaszcyck. They provide com- prehensive banking consultations tailored to your needs, covering retirement plan benefits and strategic financial solutions. Reaching out to them is a valuable step toward unlocking the full potential of any business's financial future. S P O N S O R E D C O N T E N T Ask the Expert Financial strategies for Maine's small businesses Contact: Jennifer Demers Jennifer.Demers@chase.com 207-387-6946 Jon Lakaszcyck Jonathan.Lakaszcyck@chase.com 603-418-2038 Jay Washington J.P. Morgan's Retirement Plan Specialist — Maine How to meet Maine's retirement plan mandate Everyday 401(k) by J.P. Morgan Affordable 401(k) plans built for small businesses Scan the code and we'll customize a plan for you 1 https://www.chase.com/business/knowledge-center/manage/blo-2025 2 Source: Maine Retirement Savings Program legislation, 2023 S.P. 451 - L.D. 1082 3 Source: Internal Revenue Code, 26 U.S.C. 45E(a) et seq. Everyday 401(k) is a recordkeeping service available to customers. This service is provided by JPMorgan Invest Holdings, LLC (JPMIH). After enrolling in the service, customers are directed to J.P. Morgan Asset Management for investments. All investments made will be tracked by the recordkeeping service. J.P. Morgan Asset Management is the brand name for the asset management business of JPMorgan Chase & Co. and its affiliates worldwide.