Participants could potentially be losing a portion of their retirement savings due to some tricky 401(k) administrative issues. In a recent article for Kiplinger, DWC Managing Partner Keith Clark explains three of the basic areas participants can monitor to avoid having their funds unnecessarily drained over time.
Clark notes that most issues lie in the participant's lack of knowledge about eligibility, rampant fees, and company match calculations.
"Your 401(k) may be your biggest retirement asset," he writes. "When it comes to fees, contribution matches and eligibility, don't just trust: verify."
Clark provides readers with specific tips for catching these mistakes and additional reminders for how to do so. For example, he advises you to check your company match formulas to confirm that you're collecting your full company match rather than taking it at face value.
Want more tips on how to properly track the condition of your 401(k)? Read Clark's article in Kiplinger to learn more.