Open enrollment already has your employees' attention. They're reviewing medical plans, comparing premiums, and thinking about what their families need next year. It's a natural moment to invite them to spend a few extra minutes on a benefit that's easy to overlook: the company retirement plan.
It's part of the package you provide
Your Retirement Plan isn't a side feature. It's a core part of the benefits you offer, and it reflects a real investment: the match, the plan administration, the investment menu, and the oversight behind it. Employees who don't pause to look at it may not realize how much they have available to them. A gentle reminder at open enrollment helps them see the whole picture and get more from what you're already doing for them.Five things to encourage employees to review
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- 1. Contribution amount: Are they contributing enough to receive the full employer match? Even a 1% increase can make a meaningful difference over time.
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2. Beneficiaries: Life changes such as marriage, children, or divorce can leave designations out of date. It's a two-minute check with outsized importance.
- 3. Investment fit: Do their current investments still match their goals, time horizon, and comfort with risk?
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4. Rebalancing: Markets move, and portfolios drift. A quick look, or an automatic rebalancing option if your plan offers one, keeps allocations on track.
- 5. Old retirement accounts: Many employees have 401(k)s or 403(b)s left behind at former employers. Consider whether a rollover into your plan would simplify things, if your plan accepts them.
How sponsors can make it easy
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- • Add a short "401(k)/403(b) check-up" section to your open enrollment materials.
- • Include a one-page checklist built from the five items above.
- • Point employees to the plan's website, mobile app, and available support.
- • Remind them of the match, and that their election can be changed at any time.
- • Consider offering a short optional session or one-on-one time with a plan representative.