Evaluating Your 401(k); Tips, for Lowering Costs and Maximizing Returns

For Minority Business Enterprises (MBEs) Disadvantaged Business Enterprises (DBEs) Small Disadvantaged Business Enterprises (SDBEs) and Women Business Enterprises (WBEs) it's crucial to handle a 401(k)-retirement savings plan to support the financial health of the company and its workers. Though the expenses linked with these plans might not always be apparent. At Wealthcare Financial Group Inc. we conduct an evaluation of your 401(k)s to guarantee they adhere to regulations and are designed for optimal performance while keeping costs in check. 

What is the purpose of reviewing a 401(k)?

Maintaining a 401(k) plan requires check-ins to make sure its working well for both employers and employees rather than just setting it up and leaving it without any updates or adjustments in place. It's important to review the plan to ensure its effectiveness and optimize the benefits for all parties involved. 

Discovering Hidden Costs; Some 401(k) plans come with fees that employers might not be completely informed about like expenses and investment charges or record maintaining fees in the mix as well! Eventually these charges can. Have a noticeable effect on the plan’s effectiveness such as its performance! Our thorough assessment identifies any costs and offers suggestions for reducing expenses. 

Improve Investment Choices As financial markets change over time and evolve continuously so should your investment choices grow accordingly too! Our team assesses your lineup of investments to make sure it is diversified and in line with the risk tolerances and retirement objectives of your employees. In cases where some funds are not performing as expected or when better low-cost alternatives are accessible elsewhere, we will suggest adjustments to enhance the performance of the plan. 

Ensuring adherence to regulations is essential for maintaining a 401(k) plans integrity and legality as noncompliance can result in penalties and legal complications. Our team is dedicated to guaranteeing that your plan aligns with laws, like the Employee Retirement Income Security Act (ERISA) and keeping you informed of any regulatory updates. 

Make sure to make use of employer contributions in a solid 401(k) plan as they play a crucial role in retaining and attracting employees while also being cost effective, for your business. 

Enhancing Employee Engagement; If your current program is experiencing low participation levels among employees consider revising your strategy. We provide options, like enrollment and educational initiatives for staff to boost engagement enabling your team to plan effectively for their retirement. 

Wealthcare Financial Group, Inc. Three Main Goals. 

Our assessment of the 401(k)-retirement savings plan aims to fulfill three goals. 

• - Minimize portfolio risk
• - Reducing the costs associated with investments, through fees and expenses. 
• - Enhance the returns on your investments.

Could your business and employees be getting the most out of your 401(k)? Check out our video to discover the advantages of a 401(k)-plan assessment, for your company; then take our Retirement Readiness Quiz to gauge if your present plan is heading in the direction! Contact Wealthcare Financial Group today to set up your 401(k)-plan evaluation.