As an employer, you probably spent time considering your 401(k) plan before you first offered it. But when was the last time you benchmarked your retirement package against other companies in your industry? Are you confident that your plan includes the latest features and benefits? And are your employees satisfied with it?
At Sides Wealth Advisory Group, our consultation services can help you keep your retirement plan competitive. Here’s why a benchmarking review is in order:
• Newer 401(k) plans include features that offer huge improvements over older plans.
• Costs of 401(k) plans have decreased due to a competitive marketplace and fee disclosure rules.
• As a plan sponsor, you have an obligation to regularly review and monitor your plan.
As a plan sponsor, you have a fiduciary responsibility to periodically review your plan and keep costs reasonable. Taking time to consider participant demographics, investment menu choices, educational materials, fiduciary issues and provider services can help you manage risk and improve the value for your employees.
Some of the newer features in the 401(k) marketplace include automatic enrollment, auto deferral increases, qualified default investment alternatives, target date funds and flexible investment menu options. At The Sides Group, we can review your current plan and offer recommendations for improving your plan’s features and lowering costs. For more information or to schedule a complimentary benchmarking review, please contact us.
This information was developed as a general guide to educate plan sponsors, but is not intended as authoritative guidance or tax or legal advice. Each plan has unique requirements, and you should consult your attorney or tax advisor for guidance on your specific situation. In no way does advisor assure that, by using the information provided, plan sponsor will be in compliance with ERISA regulations.