Important points to consider when reviewing your plan:

Stretching employer matching contributions – For employers who match employee contributions, this can be a beneficial method to increase deferral rates without increasing company expenses.
Auto enrollment / auto deferral increase – This helps boost participation and deferral rates. A good communication strategy is key for the acceptance of automatic features.
Adding Roth contributions – A no cost addition to a retirement plan that provides employees another option as they plan for retirement distributions.
Who pays for administration fees? – More and more employers are utilizing the ability to pass fees on to plan participants in order to reduce expenses. The purchasing power of a retirement plan allows the passing of these fees to be minimal and can reduce the costs to the employer.

Did You Know...

84% of 401(k) plan participants were in plans allowing loans
85% of 401(k) plans included target date funds in their investment lineup
88%of 401(k) plan participants had access to target date funds
97%of 401(k) participants had at least some investment in equities

^{*According to 401(k) Plan Asset Allocation, Account Balances, and Loan Activity in 2022 By Sarah Holden, ICI; Steven Bass, ICI; and Craig Copeland, EBRI}

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