Oregon Aglink is adding a new 401k program to our line of Best-in-Class member benefits!
Many of you already know—and take advantage of—our discount with SAIF for workers comp coverage. If you don’t, give us a call or send an email and we’ll talk you through the requirements and how to access the discount if you qualify.
Next, our health and dental insurance plans with Providence Health and Delta Dental is up 20% in membership since January and growing every month. We launched this program in 2021 for Oregon and SW Washington employers in farming, livestock, food production, and beverage operations. Rates have been consistently LOWER than those available in the small employer space with better benefits. If you haven’t asked for a FREE quote to compare against your current plan, contact us and we’ll get you in touch with our benefit consultants. Employers can start the program at any time during the year. And, you can change your annual renewal date if there’s a better time of the year for open enrollment. We urge you to take advantage of these discounts and help the agribusiness community at the same time!
Finally, we now have a 401k program for ANY current member of Aglink, not only farming, ranching, or food and beverage production but any supplier or associated member, too. We’ve partnered with our benefit consultants, the Arthur J Gallagher agency and Transamerica Insurance to offer a 401k platform which is easy to use, easy to set up and has experts available to help you with questions and investment advice. The program integrates with over 100 different payroll providers to improve accuracy, efficiency and reduces your overall costs. Employees will get online account access, personalized support and an ability to do tracking for retirement. We’re super excited to offer this program to our members as more than 80% of survey respondents were definitely or maybe interested in this type of benefit program!
Here’s a comparison chart to show why a 401(k) program is superior to Simple and SEP IRAs
| 401K | SEP IRA | SIMPLE IRA | |
| Who Can Contribute | Employer (optional) + employee | Employer only | Employer + employee |
| Maximum– Employee Contributions in 2024 | Up to $23,000 in salary deferrals, or $30,500 if age 50 or older | N/A | Up to $16,000 in salary deferrals; $19,500 for age 50+ |
| Roth Contributions Allowed? | Yes | N/A | Yes |
| Employer Contributions in 2024 | Employers can match contributions or make profit-sharing contributions up to 100% of compensation; combined employer/employee contribution max: $69,000 | Up to 25% of compensation up to max $69,000 | Depending on the plan, either: 1) Match employee contributions up to 3% of compensation; can be reduced to 1% in any two out of five years, up to maximum of $10,3502 2) And an additional contribution of up to 10% of compensation, up to a maximum of $5,000 3) Or contribute 2% of each eligible employee’s compensation, up to a maximum of $6,900 |
| Vesting | Depends on the plan: multi-year options or immediate. Employee deferrals are always 100% immediately vested | Immediate | Immediate |
| Access to Funds Before 59 1/2 | Plan determines loan availability; early withdrawal options may be available as long as IRS requirements are met and the plan allows it | Anytime, however 10% penalty for withdrawal before age 59 1⁄2 | Anytime, however 25% penalty for withdrawing within first two years of participating, 10% if under 59 1⁄2 |
| Plan Setup Deadline | October 1 for safe harbor 401(k)s, otherwise December 31 | By employer’s tax filing deadline, plus extensions | October 14 |
| Annual Notice Requirement | Annual notice not less than 90 days or later than 30 days prior to plan year start | N/A | November 1 |
| Limit on # of Covered Employeess | None | None | Generally less than or equal to 100 |
| Protection from Creditors | ERISA-covered plans are protected from creditors | Limited state protection in bankruptcy | Limited state protection in bankruptcy |
Whether you’re looking to create a retirement program from scratch for a small workforce or improve an existing one for a large pool of employees, call our partners at Gallagher Benefits to learn about our 401k program for Oregon Aglink members:
Kristi Charlton Client Manager, Aglink AHP (425) 974-4566 | Rick Skayhan Area VP, Arthur J. Gallagher Co. and Primary Consultant, Aglink AHP (503) 810-8499 Rick [email protected] |