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Founder Of Black-Owned Payroll Company Partners With Major 401(K) Provider To Help Black Businesses Grow Wealth & Assets

Bryon Jennings, the Founder and CEO of Next Generation Payroll, a Black-owned Dallas, Texas-based company specializing in payroll processing and human resource management, has partnered with an industry-leading retirement savings company called Human Interest. The goal is to create meaningful investment opportunities for small businesses aiming specifically to extend investment opportunities to Black and minority-owned businesses. Additionally, the employees of these companies benefit tremendously as they are presented with the opportunity to make wise investment choices that help them get on track for retirement and future asset acquisitions.

The landscape of retirement planning in America is rapidly changing with an increasing number of states aligning the Secure Act 2.0, making it mandatory for employers to provide retirement investment options for their workforce or face steep penalties. Since nearly 50% of the workforce in the United States currently does not have any assets saved for retirement, more and more states are enacting mandatory retirement plans for businesses. Currently, sixteen states require businesses to offer mandatory investment programs: California, Colorado, Connecticut, Hawaii, Illinois, Massachusetts, Maine, Maryland, Missouri, New Jersey, New Mexico, New York, Oregon, Vermont, Virginia, and Washington.

To incentivize businesses to offer investment plans to their employees, the federal government offers business owners a $5,000 tax credit for each employee who enrolls in a 401k investment plan.

As a part of the partnership, Next Generation Payroll and Human Interest are also extending a technology Credit to cover the first year’s administrative costs of implementing a 401(k) plan. An enrolled company could receive anywhere between $500 to $10,000 in technology credits just for signing up.

Bryon comments, “With greater access to investment programs, we can take another step forward in building wealth within our communities. A 401k portfolio is a great asset to have because it not only prepares us for retirement but can also be used as leverage for economic gain in other arenas. This program is a win for everyone who participates.”

Employers who already offer benefits or have a 401k plan in place will likely see significant cost savings from their current provider as the industry typically charges 1.64% on account balances while Human Interests’ advisory fees hover at 0.50%. With an overall reduced fee structure, businesses save thousands of dollars, and the employees have more opportunities to grow their portfolios.

In an era where retirement security and business growth go hand in hand, Next Generation Payroll and Human Interest are poised to make a meaningful impact. This collaboration not only equips businesses to provide robust retirement plans but also champions the financial well-being of employees. Together, they are pioneering a path toward a more secure and prosperous retirement future for all.

To learn more about Next Generation Payroll, visit their official website at NGPayroll.com

About
Next Generation Payroll is a 100% Black-owned premier provider of quality financial solutions to small businesses. Based in the Dallas, Texas area, the company specializes in providing payroll, human resource management software, employee benefits, and an array of resources to help small businesses operate efficiently.

For press inquiries, contact (214) 396-2200 or send an email to bryon@ngpayroll.com

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