Setting up Crecer Payroll Deduction IRAs for your employees

TL;DR: Crecer offers a fast and easy way to set up payroll deduction IRAs for your employees with no fees charged to the business

Instead of dealing with the hassle of setting up an expensive employer sponsored retirement plan, small business owners can offer their employees a payroll deduction IRA at no charge to the business. Crecer makes it easy to offer payroll deduction IRAs:

• No fees charged: Crecer does not charge any fees to the employer

• Works with any payroll system: Setup employee deduction with any payroll provider

• Employee flexibility: Employees can decide how much to contribute and have direct ownership of their account

• Automatic processing: Once setup, employee contributions process automatically each pay period

The core challenge: Setting up traditional employer sponsored retirement plans can be a hassle and a large added expense to the business

How Crecer Solves these challenges with payroll deduction IRAs

No fees charged to business

Business owners can set up Traditional or Roth IRAs with automatic contribution from each employee’s paycheck at no charge to the business. The employee will have direct ownership of their IRA account and can decide how much they want to contribute directly from their paycheck. The employee can also contribute to their Crecer retirement account directly from their personal bank account.

Employers are not required to contribute to the employee’s retirement account, but can do so if they would like (for example, adding a bonus to the employee’s Crecer retirement account).

Crecer charges a $5 monthly account fee¹ to the employee.

Easy to use employer administrative dashboard

The Crecer employer administrative dashboard is intuitive and easy to use. It has a user-friendly interface and doesn’t require any training. 

There is no ongoing employer-sponsored plan administrative reporting required for the employer since each employee is offered a personal Traditional or Roth IRA.

If the employee leaves or is terminated the employer generally does not need to take additional action with respect to the employee’s Crecer account. The employee will still have direct access to their Crecer retirement account.

Fast self-service setup

Quickly create your Employer administrative account and set up each employee’s retirement account in just a few minutes.

Once each employee’s account has been set up in your payroll system the employee’s contributions to their retirement account will be automatically processed each pay period.

There is no set up fee.

If your accountant or bookkeeper manages your payroll we can work directly with them to set up your company’s account.

Offer retirement accounts to your employees in 3 steps

Step 1: Create a Crecer Employer administrative account: https://crecer.app/employer/signup

Step 2: Add each employee’s information in the Crecer administrative dashboard. If you have a large number of employees our team can work with you to upload a csv file from your payroll system.

Step 3: After each employee elects how much of their paycheck they want to contribute to their retirement account, follow the instructions in the administrative dashboard to set up the employee’s payroll deduction. Crecer can be set up with any payroll system.

Conclusion: Business owners can quickly set up payroll deduction IRAs for their employees as a no cost alternative to traditional employer sponsored plans. For businesses in California, this can be used as an alternative to CalSavers².