Published By: ForUsAll
Published Date: Jun 18, 2018
The 401(k) market has rapidly changed.Is your plan up to date?
Since 2012, there have been significant changes in 401(k)s which have created new risks and opportunities for small and midsized business 401(k) plans. With this rapid pace of change, many business owners, and even some small advisors and recordkeepers have not been able to keep up. We’ll summarize both changes to the 401(k) industry and the opportunities that exist for you to improve your plan, specifically in the following 5 areas:
1. Staying compliant with increasingly complicated regulations – New government regulations have increased burdens on companies offering both health plans and 401(k)s. What used to be compliant may no longer work. Furthermore, software has improved, allowing many error prone, manual retirement plan administration tasks to be automated.
2. Increasing plan effectiveness by lowering fees – Since 2009, average 401(k) plan costs have dropped by almost 30%*. While average costs have come down, not al