Craig's Corner: De Minimis Financial Incentives - A New Way to Increase 401(k) Participation
Plan sponsors have a new tool to increase participation in their 401(k) plans. Under the changes made by the SECURE 2.0 Act of 2022 (SECURE 2.0), employers can now offer di minimis financial incentives to employees who contribute to their plans.?These financial incentives can be structured in many different ways, but the goal is to motivate employees to save for retirement.
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1 年Agreed! Once we have our 401k accounts set up, a lot of us have a hard time managing it actively. It is key to not only put aside $ in your respective 401k accounts, but it is also important that we review the allocation of our savings across the various funds offered in our employer's 401k plan, and update the distribution per our individual life-stage and goals. To help keep up with your funds and make better decisions, I would recommend using a free app, like Plootus (www.plootus.com)