<Title>Four 401(k) Tasks to Remember with 100 Days Left in 2023</Title>

A Time to Reflect and Act

With just 100 days left in the year, there’s a powerful urgency in the air. This final stretch of the calendar isn’t just about holiday preparations; it's a chance to fine-tune your financial well-being before we cross the finish line into a new year. Both employers and employees have opportunities to make significant impacts on 401(k) outcomes, improving compliance and setting the stage for a more secure retirement future. Let’s delve into four essential 401(k) tasks perfect for this season.

Conduct a Strategic Retirement Plan Review (For Employers)

Employers, it’s time to take a critical look at your current retirement plan. Does it still align with your evolving business goals and the dynamics of your team? Check auto-enrollment settings, matching contributions, and eligibility criteria. Small adjustments now can prevent bigger misalignments later—and enhance both participation rates and employee satisfaction.

Get Ahead of Nondiscrimination Testing (For Employers)

The clock is ticking towards the end of the year, meaning it's time to prep for nondiscrimination testing. Begin gathering your census data and scrutinize your contributions. Look back at historical results and, if necessary, consider adopting safe harbor plans or making qualified nonelective contributions to ensure compliance and avoid costly corrections.

Review and Update Beneficiaries (For Employees)

Employees, when was the last time you checked your beneficiary designations? Life changes such as marriage, divorce, or the birth of a child can necessitate updates to ensure your savings go where you intend. This simple, yet impactful task ensures that your loved ones are cared for according to your wishes.

Maximize 401(k) Contributions (For Employees)

Roughly three months to go, but it’s not too late to boost your 401(k) contributions. The 2025 contribution limits of $23,500 (and $7,500 more if you’re 50+) offer a chance for tax-advantage savings. Even minor increases in your contribution rate can harness the power of compounding over time, significantly enhancing retirement outcomes.

Remember, there’s still time to act and even small steps can lead to meaningful improvements. Proactive planning now will mean fewer headaches and more financial confidence later. Reach out to your advisor or HR team for guidance and support to maximize your planning opportunities before the year ends.