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3 responses to “7 Low or No-Cost Ways to Increase 401k Participation”

  1. Jessica

    Thank you for this article. I have been the trustee of my company’s plan for a year. My organization has two sets of employees: Baby boomers and Gen 2000. Trying to encourage the younger staff members to participate has been a challenge. Due to the Fee Disclosure rules that took effect this summer, I sent all eligible employees the Fee Disclosure report, a copy of the Summary Plan Description and a 401(k) participation form. What I found was if employees did not sign up for 401(k) at the time of hire, they either forgot about the benefit or did not know who to contact to enroll. Since I sent out the SPD and form, I have had a 10% increase in participation in a 2 week time period.

  2. BPP401k.com Newsletter 07.25.12 Benefit Plans Plus 401k

    […] Seven Low or No-Cost Ways to Increase 401k Participation Since the beginning of the 401k era, plan sponsors have been told the best way to increase employee participation is to offer to match employee contributions. But that doesn’t always prove to be true and it has a cost. This article summarizes seven practical actions 401k plan sponsors can take to increase employee savings that add little or no cost. Source: Fiduciarynews.com […]

  3. Why you can’t avoid dumb 401(k) mistakes | CIF Blog

    […] Plan sponsors should read Carosa’s article, “7 Low or No-Cost Ways to Increase 401k Participation.” […]

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FiduciaryNews provides essential information, blunt commentary and practical examples for ERISA/401k fiduciaries, individual trustees and professional fiduciaries. Our chief contributor is Chris Carosa.

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