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Preparing the Company 401(k) Open Enrollment

Published by Kim Moore on Sep 24, 2020 6:00:00 AM

Normally, during this time of year or at the first part of the calendar year, companies sponsor open enrollment to allow employees to choose the medical, dental and other benefit plan options that best fit their needs. This is a busy time for those working in human resources, as they prepare for open enrollment for the company’s benefit plans. You’re likely preparing the materials necessary for the sessions you will have with employees to explain various options, and the required materials to complete the enrollment process.

At this time, we would encourage you to consider including information regarding your Company 401(k) Plan in these sessions. It’s important that you take the time to discuss items such as:

  • Plan eligibility requirements.seminar_from_back_pc_3442 - Copy-1
  • Instructions on how to enroll in the plan.
  • Investment options.
  • The importance of saving for retirement.

You may also consider inviting your Investment Advisor or Third Party Administrator to the sessions to help explain in more detail the items and information that you want to get across to your employee base. Equally important, if you offer a company match in your plan, outline the importance of employees taking advantage of this benefit provided by the Employer, if they can.

Open enrollment is a good opportunity to reinforce with all employees the importance of the 401(k) benefit that is provided, and to encourage additional participation.

Retirement plans can be very complex. As an innovative firm, Summit CPA specializes in 401(k) audits. We have the ability to offer assistance entirely off-site with little or no distraction to your daily office routine.  We also offer flat-fee pricing so there are no surprises on your bill when the job is complete. For assistance contact our office at (866) 497-9761 to schedule an appointment.

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