EffortlessHR

Header Right

Contact Us: +1.520.546.3947 or Email
Try It Free Log In

Main navigation

  • Pricing
  • Customers
  • Partners
    • White Label HR Software
  • Solutions
    • Free Setup Assistance
    • Employee Handbook Builder
    • Employee Handbook Reviews
    • Business Insurance
    • Staffing Solutions
  • College Instructors
    • Training Curriculum
    • EffortlessHR Trial for Students
    • Free Setup Assistance
  • About Us
    • Security Info
    • Blog

Easy to use, comprehensive Online HR Software for small organizations

Try it Free
Employee Handbook Review Service
FREE SETUP - HRIS PROJECT
Business Insurance

All-in-one web-based employee management

A complete cloud-based HR platform. Employee portal, PTO, time clock, applicant tracking, benefits, file storage, and more.
Home>Employee Policies>Beyond a 401k: Retirement Planning Services for Employees

Beyond a 401k: Retirement Planning Services for Employees

Posted on December 18, 2020 by Aaron

Enrolling your employees in a 401(k) plan can be an effective way to keep them happy and engaged at work. However, it is important that your people understand what the account does and how to make the most of it. It is also a good idea to ensure that a worker understands that it is an asset that needs to be accounted for in his or her estate plan. Here are some ways you can help your employees with their retirement planning services that go beyond offering a 401(k).

Your Company Should Have a Dedicated Retirement Services Department

Ideally, your organization will have a small group of employees who do nothing but provide retirement planning advice to your workers. Alternatively, you can outsource this role to an outside company that has the knowledge and expertise to answer any questions an individual might have about retirement. Having a retirement planning service department shows your employees that you care about their futures and are willing to help them make the most of their money.

Remind Your Workers to Review Their Beneficiary Designations

In most cases, employees who participate in a company 401(k) plan will name their spouses as their account beneficiaries. This means that a surviving spouse will inherit any funds inside of a participant’s account at the time of his or her death. However, those who aren’t married may want to name an alternate beneficiary, and this may also be true for those who have gotten divorced. An estate planning attorney may be able to help a person create or review a beneficiary designation.

What If Employees Have 401(k) Accounts from Previous Employers?

An employee retirement services department can help workers decide if they should transfer funds from a former employer’s 401(k) to the one offered by your company. New employees should be given an overview of how the plan invests participant contributions and the potential tax consequences of moving money from one account to another.

Tailor an Investment Approach That Meets a Person’s Needs

A retirement services department can help your workers plan a future that makes the most sense for them. For instance, investing in growth stocks or funds is maybe a great idea for younger workers who are focused on building a nest egg as quickly as possible. However, older workers may want to invest in government bonds or other safe assets.

Employees deserve to make educated decisions about their retirement funds. As an employer, it is your responsibility to ensure that they have whatever tools that they need to do so.

 

Brooke Chaplan is a freelance writer and blogger. She lives and works out of her home in Los Lunas, New Mexico. She loves the outdoors and spends most of her time hiking, biking, and gardening. For more information, contact Brooke via Facebook at facebook.com/brooke.chaplan or Twitter @BrookeChaplan

Related Posts

  • How employees can power success by future planning
  • 4 Amenities That Can Help Your Employees Succeed
  • How to Show Your Employees that You Appreciate Them
  • What You Should Provide Your Employees?
  • Things You Must Take Into Account While Planning An Office Party For Employees

Primary Sidebar

Subscribe

Enjoy our blog? Enter your email address to be the first to receive updates as we post:

Categories

  • Blogging
  • Business Planning
  • Compensation
  • Customer Service
  • Emergency Planning
  • Employee Hiring
  • Employee Issues
  • Employee Policies
  • HR
  • Jobs
  • Labor Laws
  • Lead Articles
  • Legal Issues
  • Management
  • Marketing
  • Press
  • Remote working
  • Scheduling
  • Technology
  • Training & Development
  • Uncategorized
  • Webinars

Friends

  • Bompus

Footer

Pages

  • Pricing
  • Customers
  • Partners
    • White Label HR Software
  • Solutions
    • Free Setup Assistance
    • Employee Handbook Builder
    • Employee Handbook Reviews
    • Business Insurance
    • Staffing Solutions
  • College Instructors
    • Training Curriculum
    • EffortlessHR Trial for Students
    • Free Setup Assistance
  • About Us
    • Security Info
    • Blog

News & Updates

Now Available: EffortlessHR and QuickBooks Integration

May 6, 2024

Are You Ready? Is Your Business Prepared?

May 24, 2023

Good Coordination is Very Important to Get Customer Attraction

February 19, 2023

Contact Us

  • Email: Contact Us
  • Call: +1.520.546.3947

Stay Connected

  • LinkedIn
  • Twitter
  • Facebook
  • YouTube

© 2025 EffortlessHR. All Rights Reserved.            Privacy Policy