As we head into the Labor Day weekend, we wanted to remind you that the Friday after Labor Day is generally recognized at national 401(k) Day. This year, 401(k) Day falls on September 11. Adding a somber day of national reflection compounds an already short week for professionals. With that in mind, we wanted to offer three high-ease and low-flash ways you can weave 401(k) Day into your benefits communications going forward:
- Join us for a webinar on Wednesday (Sept. 9) to hear industry thought leaders from Home Depot, ADP and Harvard discuss best practices in building financial wellness at your organization.
- Download our financial wellness materials, created jointly with State Street Global Advisors. When it comes to expertise in defined contribution plans, State Street is one of our nation’s heaviest hitters. We were glad to partner with them to create a six-step employer framework for implementing a financial wellness program that aligns companies’ 401(k) plans with other tools and vendor partners to improve financial outcomes for employees.
- Be a trusted resource for clear and concise retirement information. Statistics show that employees leave $24 billion on the table each year in unclaimed 401(k) contributions. A big reason why could be, as I recently explained to the ERISA Advisory Council, because employees tend to only hear about their 401(k) at two career milestones: when they start a job, and when they leave it. TIAA-CREF finds that 81% of employees trust financial information from their employer, and Charles Schwab finds that 90% would think twice about accepting a job that didn’t offer a 401(k) plan. Offering no-nonsense retirement communication that’s free of jargon is one of the best ways to nurture that trust and solidify that perceived value—and that’s something that lasts far beyond 401(k) Day.