401(k) Q1 2018 – Newsletter (Tips, Resources and Commentary)

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Too many companies and organizations apply a "set it and forget it" mentality with 401(k)/403(b) Plan Design. We've met too many companies that haven't reviewed their plan design in years and a few in 2017 that hadn't since they started the plan. First, you should be having an Investment Committee meeting at least once per year, usually end of Q1, beginning of Q2 once the prior year numbers have been analyzed and benchmarking is completed. This will at least give you baseline information to better understand if your current plan meets your company needs. As your company grows and matures, you may want to consider "Auto-Enrollment", "Auto-Escalation" or even apply a "Stepped-Up Match Program" to encourage greater tenure with your best employees. Second, updated plan design is part of your Fiduciary Compliance. If you neglect your Fiduciary responsibility towards the overall plan, it can only potentially come back to haunt you.

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