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.
The views expressed in this blog are those of the authors and do not necessarily represent the views of any other person or organization. All content is provided for informational purposes only and is not intended to be tax or legal advice.
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