At Six8 Advisors we routinely meet with small to mid-sized businesses to discuss their 401k plan. While some employers do a great job, we often hear similar stories as to why employers are not managing their 401k.
Here are some of our favorites…
- “Out of sight, out of mind” - I can’t remember the last time we looked at our 401k plan and I am not concerned about it.
- “Not my job” - I am sure my plan provider takes care of everything. My plan is ok or they would have told me so.
- “No complaints” - Nobody is complaining about it so it must be ok.
- “Too time consuming” - I just don’t have time to deal with it. It can wait.
- “I have no idea” – I know we have a plan, but I really don’t know much about it.
If any of these comments sound familiar it might be time for a 401k review. Employers are ultimately responsible for everything, including: compliance, investments, administration and advice.
At Six8 Advisors, we not only focus on retirement plans, we focus on small to mid-sized plans just like yours. Ask us our about our one-time 401k Check-up or ongoing Plan Advisory Services.
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