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How many moving companies have a 401k for their movers?

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Friday, February 13, 2015

Author: Aaron Steed

Contact Aaron Steed

Tags: Corporate Culture, Leadership, Meathead History, Movers

401k Nest EggIt is widely rumored, but unconfirmed, that Albert Einstein said “Compounding interest is the most powerful force in the universe.” However, according to snopes.com, it is confirmed that when asked to name the greatest invention in human history Einstein simply replied “compound interest.” Those who follow our blog and company know we are determined to change the moving industry nationwide. This major feat will only be possible if we continue to attract and retain capable and motivated people to work hard towards our mission.

In 2011, we began offering our growing team a very attractive 401K plan.  We are very proud that we are able to offer so much more than just a job, but we have many employees who have a career here at Meathead Movers. We have elected to match the first 4% of every employee’s contribution. The employee contribution is automatically taken out of their paycheck (pre-tax) and our contribution deposited (fully vested) at the same time. When speaking with our Operations Manager, Ben Spielman, he said that is 401 (k) is, "Awesome...In less than two years I have earned over $12,000.00 and it has been an effortless way to save money for retirement." The management of the 401K is available online with complete transparency and ease of management for the employee. The accruing money can be used for a down-payment on a first home (with interest paid back to yourself!), transferred by an employee after their employment ends to another retirement savings vehicle or simply saved for retirement. Regardless if you can save 15%, 10% or just 2% of your income, overtime the money will accumulate especially for our youngest employees---Meatheads, your time is now!

Time Value of Money

Other business owners have asked me why we chose to add an additional expense of offering a 401k during a recession. Here’s where I was coming from: I am constantly battling with (within my company’s culture) Meatheads thinking that they “need to get a real job” after they graduate from college. Although we pride ourselves on hiring people who are destined to accomplish way more than moving furniture, we want employees to know they can grow within our company and help us expand. We hope this investment in our employees’ futures will be matched by their investment in Meathead Movers to become the new and growing standard for the moving industry. As our C.O.O., Landon Torgerson says, "It would be careless to not invest. I have made sure to increase my contributions as I earn raises and in just over a year I have earned over $10,000.00"

Sweet charts and graphs

Time Value of Money, 401k Chart

Time Value of Money, 401k Graph

"In just a few short years and with little effort, I have over $25,000 saved for retirement. I contribute less each paycheck than I do to pay for health insurance. The best part is, Meathead matches my contributions, so it is like a raise that I didn't even have to earn! Compound interest is the way to go when saving for retirement" -Angela Allen, General Manager

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