How human resources executives can best prepare employees for retirement
On November 1, the IRS announced the 2019 401(k) contribution limits: https://bit.ly/2AHPzLf. While these are typically incremental changes year-to-year, they can have a significant impact on retirement planning for employees at every stage of their working lives. From the newest recruits just starting out at your company to seasoned team members nearing retirement, the 401(k) contribution--and any related employer match—should generate thoughtful and informed discussions. Conveying these changes often is the responsibility of human resources executives, making this a time-consuming and complicated year-end activity. Plan advisors play a vital role in 401(k) compliance as well as communication, often providing the tools to help HR educate and inform employees about the implications of a new year on the 401(k) plan.
Here are 3 steps HR executives can take immediately to make 2019 401(k) enrollment seamless and impactful:
Justin A. Sansone, CPA is a Principal at Alesco Advisors. For more information, contact Justin at (585) 586-0970 or JSansone@alescoadvisors.com.