InTents October/November 2019 - 11

New Employee Benefit: The Textile Industry Retirement Plan FAQs
ndustrial Fabrics Association International (IFAI)
has launched the new Textile Industry Retirement Plan, a bene it exclusively for IFAI members.
Andrew Aho, IFAI vice president of new business development, describes why members should consider the
plan and the many advantages it offers.

I

Q: How does the Textile Industry Retirement Plan work?
A: The Textile Industry Retirement Plan is a multiple
employer 401(k) plan for IFAI members. Member
companies can participate in the plan by moving
their current retirement plan into the Textile Industry
Retirement Plan. If a member company does not have a
retirement plan for employees, it can create one under
the umbrella of the plan. The Textile Industry Retirement
Plan acts as one large plan and is treated as such from a
government reporting perspective.
Q: What are the primary beneϐits of the plan
for members?
A: Members will save time and money. When an IFAI
member adopts this plan, many of the administrative
chores will be taken care of. For example, they would
no longer have to ile a Form 5500 with the IRS, as
required with a stand-alone plan. Companies that
currently have an annual plan audit would no longer be
required to do so-resulting in additional time savings,
less hassle and material cost savings.
Member companies without a current 401(k) plan
can offer one to their employees without the overwhelming administrative burdens associated with starting up a stand-alone plan.
Additionally, when most of the administrative duties
are the responsibility of the plan, it greatly reduces an
owner's personal and corporate liability.
Q: What do you consider the greatest advantages
of this retirement plan?
A: One is the buying power to achieve cost savings on
investments.
Flexibility is another advantage. This plan will work
with Safe Harbor, Roth and pro it sharing. It includes
the lexibility of a stand-alone plan but eliminates
administrative burdens and expenses of sponsoring
a stand-alone plan.

It also has a competitive suite of investment options
and customizable plan design options involving eligibility, matches and vesting schedules. You determine
eligibility, if your plan will have an employer match and
what vesting schedule your plan will have.
Q: What does a company gain by offering
a retirement plan?
A: It helps companies retain good employees. The
employment market continues to be very tight, and
offering a retirement plan bene it is a good recruitment
tool. Ultimately, both the employer and employee bene it
from participation.
Q: Why did IFAI decide to implement
this member beneϐit?
A: IFAI explores a myriad of member bene its. We are
always looking to bring more value to IFAI members. The
Textile Industry Retirement Plan brings extra value by
saving members money and taking care of administrative
burdens. Just as an employer wants to retain employees,
IFAI wants to retain members. This bene it, and all the
other bene its IFAI offers, bring substantial value to
IFAI membership.
Q: How does someone implement the
retirement plan for their company?
A: IFAI is working with Transamerica for this program.
IFAI members can request an analysis of their current
plan to see if moving to the Textile Industry Retirement
Plan is bene icial. Even if the member chooses to stay
with their stand-alone plan, this plan review can be a
huge bene it.
If an IFAI member does not offer a retirement plan
and is interested in providing this employee bene it,
Transamerica can help create one.
For more information, contact:
Zachary Allyn
Transamerica Retirement Solutions
Regional Vice President
+1 319 721 3885
zachary.allyn@transamerica.com
By Amanda Oelke, IFAI marketing and editorial intern.

www.InTentsMag.com

11


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InTents October/November 2019

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