How Fast the Year Moves

Can you believe we're already halfway through the year? It's the perfect moment to pause and assess your company's 401(k) plan. A mid-year check-in allows you to evaluate the plan's effectiveness and make necessary adjustments before year-end deadlines loom.

Review Participation Rates

Take a close look at how many employees are currently enrolled in your 401(k) plan and identify any trends. If participation is lacking, consider initiating education campaigns or introducing employer-matching incentives to boost engagement.

Evaluate Contribution Levels

Examine whether your employees are contributing enough to maximize their benefits, including company matches. Adjustments made now can lead to more robust retirement outcomes for your employees.

Ensure Compliance

A 401(k) plan must meet regulatory requirements to avoid penalties or complications. Check for compliance now and address any potential pitfalls proactively, ensuring a smooth year-end process.

Assess Competitiveness

Evaluate the competitiveness of your 401(k) features compared to industry standards. Ensure your plan remains attractive to recruit and retain talent by benchmarking and making necessary improvements.

The Importance of Mid-Year Check-In

Remember, a mid-year check-in is crucial to keep your 401(k) plan on track. Early adjustments prevent last-minute issues and ensure your plan works effectively for both your business and your employees.