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401k Plan Features That Can Help Your Employees Live Financially Free!

Employees are struggling with many aspects of their financial lives that are causing them added stress and inhibiting them from saving for their future.

Many employees are struggling with a lack of emergency savings, others are falling behind on their student loans. Some are neglecting their retirement contributions altogether. As an employer, it is your role to help assist your people so that they can achieve their financial goals.

We believe that there are many opportunities for you as the plan sponsor to optimize your 401k plans’ features to help your employees live financially free. Examples include the addition of after-tax contributions, communication surrounding Health Savings Accounts (HSAs) and student loan repayment programs, to name a few.

View the employer advisory session, 401k Plan Features That Can Help Your Employees Live Financially Free! to learn from David Griffin & Jorge Pereira from our Retirement + Wealth division as they discuss the adjustments that can be made to your 401(k) to help your employees build emergency savings and stay on track for retirement.

Some other features include:

  • Allowing former employees to continue repaying their loans
  • Simplifying rollover to IRA or new employer plans
  • Restricting cash out to the employee’s contributions
  • Creating hardship loan program rather than withdrawals
  • Reducing the number of loans or creating a waiting period between loans.