Don’t set it and forget it – Why your 401(k) plan deserves regular attention.
In today’s competitive business landscape, offering a 401(k) retirement plan is more than just a perk. It is a strategic tool for attracting and retaining top talent. Although simply having a plan in place isn’t enough. Conducting regular 401(k) plan reviews will ensure your plan continues to meet the needs of your employees and remains compliant with ever-evolving regulations, regular reviews are essential.
Important facts regarding regular 401(k) plan reviews.
1. Fiduciary Responsibility and Compliance
Employers who sponsor 401(k) plans are fiduciaries under ERISA and are legally obligated to act in the best interest of the plan participants. Is your plan ready for Secure 2.0 changes in 2026?
2. Cost Control and Fee Transparency
High fees erode employee savings and cause dissatisfaction. Have your assets grown while fees stayed the same? Do you even know what fees your employees are paying? Regular reviews let you renegotiate or switch providers for better value.
3. Investment Performance and Options
Employees expect employers to review investment lineups regularly to ensure the plan offers diverse, high-performing fund options. These regular review meetings build employee trust and confidence in their choices.
4. Employee Engagement and Education
A well-reviewed plan includes strong education strategies. Do employees understand their options? Do you have regular enrollment and one-on-one meetings for your employees? These regular meetings allow employees to truly understand how this benefit is working for them and their future.
5. Staying Competitive
Retirement benefits reflect your company culture and values. Regular plan updates help you stay competitive in your industry. They show employees you’re invested in their future.
How HR Complete Solutions Can Help
401(k) plan review isn’t just best practice — it’s essential. We have the knowledge and relationships to handle this. Contact HR Complete Solutions today to work with the right resources to ensure your plan is compliant, cost-effective, and aligned with your workforce’s needs.