Episode 49 - How to Increase 401(k) Participation

In this episode Landon Troyer focuses on strategies to increase 401(k) participation among employees. Landon highlights that 50% of U.S. companies do not offer a 401(k) plan, and only half of those that do offer a match. Employer-sponsored plans can enhance employee retention and satisfaction. The Secure Act 2.0 mandates auto-enrollment, which increases participation rates. Landon notes the importance of educating employees on the need for savings and the advantages of 401(k) plans over simple IRAs for attracting and retaining talent. In this episode: 50% of US companies don't offer a 401(k) plan, so if you do offer one, you're ahead of the curve.  Offering a 401(k) with an employer match can help attract and retain top talent for your business. You don't have to offer a match, but it's a good perk that employees value. Consider adding a vesting schedule so employees have to stay a certain time before fully owning the employer match. New rules require auto-enrollment for new 401(k) plans, which boosts participation rates. Offering a Roth 401(k) option can be beneficial for lower-income employees to grow tax-free retirement savings. Overall, providing a strong 401(k) plan is an important employee benefit that can pay dividends for your business in terms of talent attraction and retention. Taking steps to maximize 401(k) participation is worth considering. ---- Sponsor Spotlight: LandJet A big thank you to our sponsor, LandJet, for supporting the show! LandJet is your ultimate solution for modern business travel. Experience private chartered transportation with luxury and efficiency in mind. With custom Sprinter vehicles designed like a private jet on wheels, you can travel in style, stay productive, and enjoy the journey—whether it's for work or leisure. LandJet offers: - Safe and efficient regional travel - State-of-the-art amenities to keep you connected - Seamless booking and reliable service Upgrade your travel game today! Visit www.landjet.com to learn more or email Rachel at [email protected] for inquiries. Thank you, LandJet, for making this episode possible! ----   Connect with David: Website: www.businesswiththeboyz.com LinkedIn: www.linkedin.com/in/daviddecelle Email: [email protected] Connect with Landon: Website: www.businesswiththeboyz.com LinkedIn: www.linkedin.com/in/landon-troyer-837b822b Email: [email protected]