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Time for a 401(k) Tune-Up: The Mid-Year Check-In

Can you believe we're halfway through the year already? As time rushes by, now is a perfect moment to pause and check the health of your company’s 401(k) plan. A mid-year review can be invaluable in ensuring your retirement savings strategy is on track, offering an opportunity to make necessary adjustments before year-end deadlines loom.

 

Assess Competitiveness to Attract Talent

Is your 401(k) plan competitive with industry standards? This is a crucial question as you look to both recruit and retain top talent. Benchmarking your plan's features against those offered by other businesses can highlight opportunities for improvement. Make sure your plan remains attractive by incorporating strategies like employer-matching contributions or direct education initiatives.

 

Evaluate Participation Rates for Greater Engagement

Understanding how many of your employees are participating in the 401(k) plan is key to its success. Trends in participation can reveal whether your workforce feels encouraged or hesitant. If participation is low, consider launching educational campaigns or revising employer-matching incentives to boost engagement.

 

Ensure Compliance and Avoid Penalties

Mid-year is also the right time to make sure your 401(k) plan complies with all regulatory requirements. Regular reviews help avoid potential penalties or complications later on. Be aware of common compliance pitfalls and take measures to address them, ensuring that your retirement plan not only supports your employees but also protects your business from regulatory issues.

 

Review Employee Contribution Levels

Are your employees contributing enough to maximize their retirement benefits, including your employer matches? Checking these contribution levels now can help pave the way for better retirement outcomes. Encourage your team to reassess and adjust their contributions if needed, capitalizing on benefits that enhance their long-term financial wellness.

 

Why a Mid-Year Check-In Matters

A comprehensive review at mid-year can prevent last-minute scrambles and ensure that both your company's goals and your employees' financial wellness are aligned. With these proactive measures, your 401(k) plan can remain on course, delivering the best results for everyone involved.

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