A 3-Minute 401(k) Review
Administration:
- Are you happy with the administration of your 401(k) plan?
- How often do your employees receive statements? Are they delivered on a timely basis? Are they accurate?
- Does your administrator provide an 800 # and/or website to your employee?
- Is your administrator available to provide accurate answers to your questions and return calls promptly?
- What are the annual administration costs of your plan?
- Are your annual 5500 filings-signature ready? Is there an additional charge?
- Do your highly compensated employees get to defer as much as they would like into the plan?
Communications:
- Are you satisfied with your current level of employee participation in your plan?
- What forms of communication do your employees receive other than statements?
- Are you confident that your employees clearly understand and appreciate your plan?
- Have your employees received any investment education to help them with their decisions?
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Investments:
- How many investment options are offered in your plan? Would you like to add other choices?
- Are you satisfied with your plan’s investment performance?
- How often can your employees make investment changes?
- Are you familiar with the Department of Labor’s regulations on
404(c)? Have you considered how these regulations may affect your
plan’s investment choices?
Next Stop:
- Would you like a formal proposal showing how we might improve your plan?
Why Wait? Call: 610-941-6900
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For Employees
Taking full advantage of your 401(k) plan today can help you achieve financial goals sooner, and provide income assisting in a comfortable retirement. Most likely, Social Security checks alone will not be enough to maintain the standard of living you are used to, once you stop working. If you are lucky, your employer offers a 401k plan, which, if used wisely and to the fullest advantage, can provide you with additional income for your golden years.
401k plans differ greatly depending on the employer who makes the rules. The only way to get the most out of the plan is to get to know the plan and make educated choices.
Things you should consider:
- What is the maximum percentage of your salary you are able to contribute?
- Is your employer matching the contributions? If yes, what is your minimum contribution, before your employer's contribution starts, and what is the maximum?
- What are the number of years you have to be with the company to keep employer's contributions to your 401k account?
- How often can you switch among available investment options?
- When do you get your account statements?
- What methods can you use to access the account? By phone, on the Internet or only in writing?
- Did you spread your money among different investments to reduce the risk?
401(k) plans are not insured by the federal government. Investments are at risk. Diversify your investments by investing in different types of assets. To find out more about 401(k) investment options, ask your plan administrator or plan investment personnel.
Request for more Information
FORM401(k) Improvement Survey
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