
Jay Washington, J.P. Morgan’s Retirement Plan Specialist — Maine
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In the dynamic landscape of Maine’s small business sector, owners face the dual challenge of managing financial needs and overcoming labor shortages. At J.P. Morgan Chase, we are dedicated to empowering businesses with sophisticated solutions that not only safeguard their financial assets but also enhance their ability to attract and retain top-tier talent. Jay Washington, Maine’s Retirement Plan Specialist at J.P. Morgan, works alongside Jennifer Demers, Chase Sr. Business Relationship Manager, and Jon Lakaszcyck, Chase Business Relationship Manager, to bolster local businesses and strengthen communities.
A: To attract qualified candidates, businesses should evaluate their wages and benefits against competitors. With 35% planning to enhance benefits, a 401(k) is crucial, ranking second after healthcare.1 It’s often more affordable and, with Maine’s retirement plan mandate, a frequent topic with business owners and CPAs, according to Chase research.
A: Maine’s 2023 Retirement Savings Program mandates that businesses with five or more employees and two years in operation to comply. Employers needed to adhere by December 31, 2024, with penalties starting July 1, 2025, at $20 per employee, increasing to $100 by July 1, 2025, according to the legislation.²
A: Everyday 401(k) by J.P. Morgan was built for businesses with one 1 to 100 plus employees, ensuring compliance with state mandates and aiding talent retention while maintaining affordability. In tight labor markets, a robust retirement plan differentiates businesses, enhancing appeal to potential employees and securing a stable workforce.
A: SECURE 2.0 passed in 2022 and covers 100% of administrative costs for new retirement plans (up to $5,000 for three years) as well as offers an employer contribution tax credit. Employers can receive up to $1,000 per employee for matching contributions, phasing out over five years, according to IRS Code³ These tax credits have transformed plan origination in the 401(k) industry.
A: The Everyday 401(k) solution boosts employee satisfaction and retention by demonstrating a commitment to their financial future. Employers can also participate, saving for their retirement while benefiting from tax advantages in volatile markets. This dual benefit strengthens workforce loyalty and provides financial security for both employees and employers.
A: To explore the full range of offerings from J.P. Morgan Chase, including the Everyday 401(k) solution, business owners are encouraged to connect with Business Relationship Managers Jennifer Demers and Jon Lakaszcyck. They provide comprehensive banking consultations tailored to your needs, covering retirement plan benefits and strategic financial solutions. Reaching out to them is a valuable step toward unlocking the full potential of any business’s financial future.
Jennifer Demers
Jennifer.Demers@chase.com
207-387-6946
Jon Lakaszcyck
Jonathan.Lakaszcyck@chase.com
603-418-2038
1 https://www.chase.com/business/knowledge-center/manage/blo-2025
2 Source: Maine Retirement Savings Program legislation, 2023 S.P. 451 - L.D. 1082
3 Source: Internal Revenue Code, 26 U.S.C. 45E(a) et seq.
Everyday 401(k) is a recordkeeping service available to customers. This service is provided by JPMorgan Invest Holdings, LLC (JPMIH). After enrolling in the service, customers are directed to J.P. Morgan Asset Management for investments. All investments made will be tracked by the recordkeeping service. J.P. Morgan Asset Management is the brand name for the asset management business of JPMorgan Chase & Co. and its affiliates worldwide.
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