How A Plan Sponsor Can Increase 401(k) Participation Without Costing Much $$$

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My former Synagogue wanted Hebrew school parents to attend Synagogue events, so they created a participation fee where parents would have to pay $180 that they could use to attend events. Before I was involved as a Trustee and a Vice President, there were no events and parents resented they had to pay this fee. When I was in the “leadership”, there were enough events for that fee to be used. After I left, the place became a funeral home, except with very few funerals. When it comes to participation in a 401(k) plan, plan sponsors can’t use a participation fee to force participants to defer. There are quite a few tools out there to increase plan participation that doesn’t have to cost plan sponsors much money in terms of contributions and plan expenses.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Ary Rosenbaum, The Rosenbaum Law Firm P.C. | Attorney Advertising

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