Best Practices for Improving 401(k) Plans in Manufacturing
By Nathan Fisher
For employers in the manufacturing industry, a 401(k) has become an important benefit used to attract and retain valuable employees, and to help those employees to retire when the time comes. But when it comes to retirement readiness, a 401(k) plan is only as good as the savings your employees put into it. Far too often, encouraging employees to participate in the company plan can feel like an uphill battle.
Fortunately, I’ve seen the same 401(k) best practices work for manufacturing companies across the country who want to increase plan participation. Businesses can make it easier for their employees to save and make good decisions by focusing on improved plan design, better employee engagement, and clearer communications.