Tracking Down Your Missing Participants

  • Bjork Group

Headline Image - Tracking Down Your Missing Participants

If you have terminated participants with balances in your 401(k) plan, some of whom you can’t locate, you’re not alone; missing participants are an industry-wide problem.

What is a missing participant? A missing participant is a former employee who has left funds in a qualified retirement plan (ex. 401(k) plan) at their former employer but has failed to keep their contact information current and is no longer actively managing their plan account.            

A 2018 survey by Boston Research Technologies and the Retirement Clearinghouse estimates that 11% of terminated employees have stale addresses in their plans and one of five relocations result in a missing plan participant; their research also suggested an excess of three million missing participants.[1]

 

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Video – 3 Fiduciary Action Items During Turbulent Times

  • Bjork Group

Headline Image - 3 Fiduciary Actions During Turbulent Times

COVID-19 has brought many updates, changes, and challenges, and we know the stress this can place on a plan sponsor.

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4 Qualified Plan Tax Advantages for Employers

  • Bjork Group

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By choosing to offer your employees a 401(k) plan, you’re sending a powerful message — that you’re invested in their future and committed to helping them work towards financial security in their retirement.

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Plan Sponsor Guide - 401(k) Matching Formulas that could Boost Participation without Breaking the Budget

  • Bjork Group

Headline Image - 401(k) Matching Formulas that could Boost Participation without Breaking the Budget

Offering a retirement plan shows your employees that you are committed to helping them save for their future. A matching formula is a great way to give a little bit more to your employees and increase contributions!

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Pros and Cons of Taking Coronavirus-Related Distributions from Retirement Savings

  • Bjork Group

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The COVID-19 pandemic has undoubtedly shaken our economy to the core. Many businesses have struggled to keep their doors open which has caused unemployment claims to soar. Record unemployment, coupled with a U.S. society that has an average household savings account of about $8,800[1], has many people looking to their retirement savings as a “piggy bank” for necessary funds to keep their heads above water.

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American's Drowning in Debt: What Employers Can do to Help

  • Bjork Group

Headline Image - Americas Drowning in Debt

How can you help your employees that are drowning in debt, save more today?

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5 Steps to Create a Financial Wellness Program

  • Bjork Group

Headline Image - 5 Steps to Create a Financial Wellness Program

In today’s economy, Americans are worried about their finances, and it spills over into every aspect of their lives, even their work.

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How a Financial Wellness Program Can Improve Company Culture

  • Bjork Group

Headline Image - How a Financial Wellness Program Can Improve Company Culture

Employers recognize that financial stress is taking a toll on their workforce — and their bottom line. Financial wellness can help improve employees’ fiscal well-being and reduce stress by providing the education and tools they need to help them

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The Link Between Employee Productivity, Health, and Financial Stress

  • Bjork Group

Headline Image - Financial Wellness and the Link Between Employee Productivity, Health, and Stress

If you think financial wellness programs are a fad, think again. The industry consensus is that financial wellness not only produces results for employees, but it positively influences company bottom lines.

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Four Ways to Help Reduce Financial Stress for Your Employees

  • Bjork Group

Headline Image - Four Ways to Help Reduce Financial Stress for Your Employees

Employee financial stress is a hot topic. So much so, that nearly 60% of employees cite finances as their primary stressor. [1] Their financial worries surpass other top stressors, and it’s impacting their job performance.

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