401k Plan Participation Rates Indicator of Plan Success
401k plan participation rates are a statistic that all plan fiduciaries should be monitoring regularly for their own company retirement plan. 401k plan participation rates do not tell the entire story; but 401k plan participation rates do serve as an early warning system for how many participants may be in a position to retire! At the conclusion of a Plan Sponsor University (TPSU) Fiduciary Education Program held at the Westminster College in Salt Lake City, Utah, TPSU Founder and CEO, Fred Barstein spoke with TPSU program attendee, Mike, Controller for a firm with approximately 250 employees. Mike serves as Chairman of the Investment Committee for the company Profit Sharing Plan – a plan which also includes a Section 401(k) deferral provision. Mike’s organization uses two entry-dates so eligible plan participants can enter the plan without waiting up to a year. In this video, Mike describes the logic around why his organization uses the two plan entry dates and how the two dates helps 401k plan participation rates.
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