More companies will change their 401(k) providers/platforms between Labor Day and Thanksgiving than at all other times of the year.
In 2020 and much of 2021, as market turmoil increased, investor sentiment and economic outlook decreased in kind. Many retirement plan participants were confused about whether to take distributions from 401(k), and in general, were left looking for financial guidance that their provider did not provide. As the pandemic wore on, fees were not reviewed on an annual basis. In-person employee education had come to a total standstill.
That's why companies will be shopping around for a new 401(k) Plan or Advisor.
If you are in charge of your company's 401(k) plan, we've compiled a list of the 13 most important items that every Trustee and Administrator should and needs to be on top of:
These are just some of the questions you must ask yourself. Should you come up with an answer that isn’t a raving “YES,” it may be time to look at going from just an “OK” 401(k) Plan to an incredible 401(k) Plan. This is our passion and profession!
Prosperity Financial Group
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