Sunny Day Fund ☀️’s Post

Unlocking Benefits: Fee Transparency in 401(k) Plans! 💼 Let's explore the myriad benefits that come with embracing fee transparency in 401(k) plans: ✅Building Trust: Transparent fees aren't just about numbers; they are the cornerstone of trustworthy retirement plans. When employees see openness in fee structures, trust grows, creating a solid foundation for long-term financial planning. 🤝 ✅Competition & Efficiency: Transparency isn't just a compliance requirement; it's a catalyst for competition. When plan sponsors can easily compare fees, it promotes healthy competition among service providers, leading to cost efficiency. It's a win-win for employers and employees alike! 🌐 #TrustInFinance #401k #FinancialWellBeing

The SECURE Act 2.0 introduced three required changes for 401(k) plans in 2023. 2024 brings additional 401(k) plan design considerations, some optional, others required. Did you provide the employee notices for 2023 changes? Are you ready for the 2024 changes? What plan design provisions will you implement to help your employees? #401kplan #secureact #creditunions

Do you know how the 401(k) plan got its name? It is from a subsection of the Internal Revenue Code in 1978. Since then, it became the most popular retirement tool available to workers in the US. All employees appreciate the opportunity to save for their retirement years and take advantage of our employer match, which essentially provides free money. Employers also benefit from offering a 401(k) plan in various ways: - Employers use it as a recruiting tool and to retain top talent. - They enjoy tax advantages as they can deduct contributions from their Federal tax returns. - A 401(k) plan serves as a powerful tool to boost employee satisfaction, showing that they care about their employees' future and not just their current work performance. This can result in increased loyalty and a stronger commitment to the company's success. #401k #retirementplanning #employeebenefits #workplanning #financialplanning

Have you read the plan document for your 401k? Ok, that's a pretty big ask lol. How about the Summary Plan Description? Not sure what an SPD is? Here's a helpful link: https://lnkd.in/eC7ytXY4

Can you believe 401(k) plans are now the primary source of financial advice? One study revealed that while another found that 59% of eligible employees not participating in their 401(k) plans mistakenly believed they were contributing to these plans. Surprisingly, 49% of these employees thought they were auto-enrolled, while 41% said they had signed up themselves. These stats underline the critical need for quality employee education around retirement plans. Employees rely on information and education from their 401(k) plans, yet many struggle with fundamental aspects like enrollment. If your company would like better employee education, I invite you to connect with me for a conversation and see the difference we can make... and with stats to prove it! Sources: Charles Schwab and Principal #financialadvice #401k #employee #srpretirementgeeks

Here are three common mistakes workers often make when it comes to their 401(k) plans.

A 401(k) can sound like a term that lives behind a locked door. Behind that door are fees, portfolios, expense ratios, and a series of complicated acronyms, making it intimidating to even look for the keys to unlock it. But why is it that something so important can feel so inaccessible? First, it’s important to understand the playing field. You may want to rethink your retirement plan if you're solely in a 401k or think it's the best option. We have options for everyone in or out of the workplace. Contact us for information on how you can guarantee your retirement income for life. #retirementplanning #401k #nofees #nomarketrisk #indexfunds #ira #IndexUniversalLife #403b #IncomeForLife #financialliteracy #financialfreedom #moneymanifestation #money #savings https://lnkd.in/gDqSvz4Y

Did you leave your 401(k) with a former employer? Here's the good news – that money may not be lost. Read more about the steps you can take to track it down.

Did you leave your 401(k) with a former employer? Here's the good news – that money may not be lost. Read more about the steps you can take to track it down.

Did you leave your 401(k) with a former employer? Here's the good news – that money may not be lost. Read more about the steps you can take to track it down.