Some gestures of good will and caring never go out of style come February. For instance, the NECCO candy company has been making those iconic imprinted Sweetheart wafers for over 150 years! Can you believe they make a billion of these treats annually?
You can mark Valentine’s Day this year by treating yourself and your employees as you spread a little care with your matching contribution formula. In Spread Some Lovin I outline how your contributions help boost employee savings rates and review the most common employer matching formulas.
The psychology behind retirement savings involves a lot of heartfelt emotions for many employees. Studies show there are strong links between attitudes about saving and various life stages. My Get to the Heart of the Matter article provides insight on how demographics, age, and personal transitions affect a person’s thoughts on saving for the future. I also review some steps we can take together to create an effective education program to address these varying needs.
However, February is also a good time to get out of your heart and into your head in order to stay in compliance with your retirement plan. Check out Top 12 Peskiest Plan Mistakes . . . and How to Avoid Them to make sure you are taking a proactive approach. Most violations stem from simple mistakes and errors, and a lack of sound oversight, which means they are avoidable!
As always, I am happy to help you review your plan and if necessary, find you resources to gain greater legal or accounting knowledge. It’s important we work together as a team so both you and your employees can enjoy not only February, but many more months to come!
