Three 401(k) participants have won the National 401(k) Champion Competition, a contest to recognize plan participants who maximize their 401(k)s and encourage their peers to save for retirement.
2023’s winners are Chung Li, a Comcast employee in Horsham, Penn.; Christopher Orlando, who works at Mika Metal Fabricating in Cleveland, Ohio; and Hayden Tank, who works for The Travel Corporation in Corona del Mar, Calif. Each winner received a $1,000 grand prize and the title of 401(k) Champion.
The 401(k) Champion Competition is meant to encourage financial literacy and participation in 401(k)s. It highlights participants who are enthusiastic about their retirement plan benefits with the goal of energizing non-participants to learn more about 401(k)s. 401(k) Champions serve as mentors within their companies and communities, helping colleagues, friends and family members learn more about saving for retirement.
2023 champion Tank had “a very vague understanding” of 401(k)s until he sat down with a friend and mentor who talked him through the process and the benefits. “He helped me set a budget and start investing toward my future,” Tank said in a statement.
Orlando has already been serving in a mentor role among his friends. “I talk about it enough that some friends come to me for advice on getting started,” he said. “My best man is already asking when he can sign up to be a 401(k) Champion himself.”
Orlando started saving for retirement as soon as he could. “After college and starting my career, at my first job that offered benefits, I maximized their 401(k) match immediately to get as much going as possible,” he said. “The sooner you have a sizable amount saved, the sooner you see your compounding dividends.”
As a champion, Li says she’ll “encourage everyone to contribute as soon as they enter the workforce, so they don’t miss out on free money.” Li plans to show people a spreadsheet that illustrates how they “can be a millionaire if they contribute X amount over the years and how much less they will get if they start 10 years later.”
Applications for the essay contest were judged by Nevin Adams, retired chief content officer for the American Retirement Association; Anthony Aiken, retired founder of Aiken & Company, PC; Adam Berkowitz, chief operating officer of New Heights Youth; and Manny Bernardo, retired human resources benefits executive. David Wray, retired president of the Plan Sponsor Council of America, served as an adviser to the competition.
Applications for the 2024 National 401(k) Champion Competition will open this spring.
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• 401(k) Champion Award Recognizes Outstanding Plan Participants