The Illinois Licensed Beverage Association (ILBA) continues to fight for our industry.
*The General Assembly in Springfield has been very busy with activity as the Spring 2023 adjournment approaches. We are hoping to have a successful session and we are grateful for the 70 plus ILBA members that participated in our Legislative Lobby Day on March 22, 2023.
*The ILBA is delighted to introduce a new 401K Plan for our members in conjunction with Merril Lynch and Lincoln Financial.
Effective November 1, 2023: State law requires every Illinois employer with five or more employees to offer their own retirement program or us the state plan: Secure Choice.
We at the ILBA have done our research and created a great option for our members. We’ve partnered with two industry leaders in 401(k) plans, Merrill Lynch and Lincoln Financial to bring this benefit to you.
With the new ILBA group 401(k) plan members will have:
- Access to potential pricing and service efficiencies — economies of scale
- Less administrative work, as you hand off many of the responsibilities that come with running a 401(k), including filing Form 5500 and employee loans
- Relief from many fiduciary obligations, while maintaining your current plan design — or changing to a plan design that works for you
Click the video link to learn more about how this works and read the official announcement below to see how you can sign up.
https://marketingmedia.lfg.com/lfg/DOCS/lfd/emailMarketing/Video/6322749353112.html
Introducing the new Illinois Licensed Beverage Association 401(k) plan experience
The ILBA is committed to providing members the right solutions for your businesses — solutions that bring you economy of scale, have clear value for money spent, save time, and help you show your employees that you value what matters to them.
That’s why we’re thrilled to announce our partnership with Lincoln Financial Group & Merrill Lynch to deliver a new, ILBA 401(k) program.
Here’s what you’ll experience with the new ILBA 401(k) program:
- Access to potential pricing and service efficiencies — economies of scale
- Less administrative work, as you hand off many of the responsibilities that come with running a 401(k), including filing Form 5500 and employee loans
- Relief from many fiduciary obligations, while maintaining your current plan design — or changing to a plan design that works for you
Why Lincoln?
Because partnering with Lincoln delivers benefits that go beyond the retirement plan itself.
- Personalized service — Members who join the plan receive ongoing, dedicated attention.
- Demonstrated value — Surveyed Lincoln plan sponsors rated their overall satisfaction at 90% in 2021,* and their award-winning websites help make your experience even easier.
- Deep experience — Lincoln has been in business since 1905, is a recognized leader in the retirement plan space and has group 401(k) program experience dating back to 1995.
*Lincoln Financial Group, “Annual Plan Sponsor Satisfaction Research,” 2019.
Are you in?
- Already have a retirement plan? Now’s a perfect opportunity to reach out to Jared Canterbury & Damon Hofstrand who will review and benchmark your plan and assess whether it’s meeting your goals — or if transitioning to the ILBA 401(k) program could better meet your needs.
- Considering a retirement plan? A 401(k) program can be a powerful tool for keeping the quality people you have on board and bringing new talent into the fold. Joining the ILBA 401(k) program could be the most cost-efficient solution.
Jared Canterbury & Damon Hofstrand of Merrill Lynch will be hosting a Zoom meeting on May 23rd & May 30h at 2:00 pm CST to review the ILBA 401k program.
If you are interested in attending either Zoom meeting, please contact Jared Canterbury at jared.canterbury@ml.com or 217-525-4232 to register.
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Sincerely,
Dr. Daniel D. Clausner
Executive Director