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Offering a retirement plan can lead to an annual cost savings of more than $100,000 in reduced employee turnover costs alone for SMBs – a 2x return on the initial costs of offering a 401(k), says a new study.

A new study finds that small and medium sized businesses (SMBs) can save as much as $100,000 a year by offering retirement benefits. The research by Gusto, a benefits platform designed for SMBs, found that the talent retention by smaller businesses that offer retirement benefits can be substantial, which is important in today’s tight labor market.

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