First Generation Workers Think 401k Plans are “Too Good to be True”

 

First generation workers can be a bit apprehensive about engaging in a 401(k) plan simply because of an unfamiliarity with the concept of a defined contribution plan. A human resource manager from a landmark hotel in Denver, Co. explains that new immigrants can have trust barriers when introduced to the concept of a 401(k) plan.

Explaining to first generation workers that the employer will betaking money from their wages and matching a portion of their savings sounds too good to be true says the Human Resource Manager.

She has overcome some of the trust issues by introducing these workers to peers who have engaged in plans. Also, finding an Advisor who speaks the native language has also been effective in introducing new workers to a new plan.

Fred Barstein

Fred Barstein

Founder & Editor-in-Chief at 401kTV | TRAU | TPSU
Fred Barstein is the Founder & Editor-in-Chief of 401kTV. Fred is also the Founder and CEO of The Retirement Advisor University (TRAU), a collaboration with UCLA Anderson School of Management Executive Education and The Plan Sponsor University (TPSU).Mr. Barstein was also Founder and Editor-in-Chief of NAPA Net.
Fred Barstein
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