Leading Retirement Solutions Simplifies Compliance for Cannabis Operators

Leading Retirement Solutions Empowers Cannabis Operators

In the evolving landscape of the cannabis industry, offering robust employee benefits is crucial for attracting and retaining top talent. Leading Retirement Solutions (LRS) stands out by providing essential retirement plan services that alleviate the unique challenges faced by cannabis operators in the United States.

The Importance of Retirement Plans

Providing a 401(k) or similar retirement offerings is an integral part of the benefits package that companies extend to their employees. However, for cannabis operators, navigating the intricacies of regulatory compliance related to these plans can be daunting. The complexity not only adds to the administrative burden but also threatens the profitability of cannabis enterprises.

Historically, many retirement plans for cannabis businesses have been unreliable due to the category of cannabis as a Schedule I substance, which leads federally regulated service providers to refuse partnerships with cannabis companies. This often results in unexpected termination of retirement plans, leaving employers and employees in precarious situations.

The Challenge

Jon McCulloch, Director of Operations Support at Paragon, recalls instances where numerous cannabis clients were abruptly dropped by their 401(k) vendors. He states, "We knew we needed to find a 401(k) vendor that provides stability to our clients." This reveals the urgent need for dependable retirement solutions in the sector.

Finding Solutions with LRS

Upon discovery of Leading Retirement Solutions, operators found an ally who specialized in crafting compliant, reliable, and cost-effective retirement benefits tailored for the cannabis industry. LRS employs innovative plan designs and grants access to a diverse range of cannabis-approved investment options, ensuring that clients receive customized retirement services meeting their needs.

In an endorsement from Hannah Conlisk, a Human Resources Operations Specialist at Native Roots, she shared, "The biggest administrative headache for me with our last 401(k) vendor was managing the annual IRS audits. With LRS, they handle the audit, making it an affordable and appealing option." This partnership not only eliminates a substantial pain point but also builds confidence in compliance.

A Network of Support

Over the years, LRS has cultivated a strong network of dedicated partners, including CPAs, attorneys, HR firms, and payroll providers, all committed to supporting the cannabis community. This coalition ensures compliance is upheld while containing costs and minimizing bureaucratic challenges that often arise in the sector.

For instance, through collaboration with LRS, Paragon has integrated payroll systems with all LRS-managed retirement plans. This integration streamlines operations by ensuring that data such as employee contribution changes are automatically synchronized, thereby reducing the risk of errors that typically arise from manual processes.

As Brian McVicker, Vice President of Revenue at Paragon, clarifies, "Without integrated payroll, errors and compliance issues can jeopardize a cannabis operator's license. Our partnership substantially reduces these compliance risks for operators."

Commitment to the Cannabis Industry

For nearly a decade, Leading Retirement Solutions has dedicated its efforts to lowering operational burdens and delivering outstanding long-term value to cannabis employers and their teams. With stable retirement solutions, competitive pricing, and a robust network of trusted partners, LRS leads the way in crafting responsive retirement plans that contribute to the growth and resilience of cannabis businesses across the nation.

About Leading Retirement Solutions

Leading Retirement Solutions is a recognized pioneer in developing creative retirement plan solutions for various businesses. Their focus is on refining retirement strategies by providing personalized solutions and unique investment avenues. Their services encompass plan design, administration, recordkeeping, consulting, and more, reflecting their commitment to aiding women-owned businesses, nonprofits, cannabis enterprises, and small businesses through beneficial strategies.

For more insights on retirement plans and how they can benefit your organization, reach out to Leading Retirement Solutions. Follow their journey on Facebook, LinkedIn, and X!