Advisors can once again encourage outstanding 401(k) plan participants to nominate themselves for the fifth annual 401(k) Champion Award.
Applicants can enter by submitting an essay explaining the benefits of contributing to a retirement plan. Three winners will receive cash awards of $1,000 each.
“That’s what the competition is intended to do—to identify 401(k) participants who have figured out that with a 401(k), retirement security is infinitely more attainable”
Julie Jason
The goal of the award is to help educate people about retirement savings and spur interest in plan participation.
“The best motivation comes from a peer who shares his story,” said Julie Jason, the award’s founder and sponsor. “That’s what the competition is intended to do—to identify 401(k) participants who have figured out that with a 401(k), retirement security is infinitely more attainable, even if an employee doesn’t think he can afford to participate.”
Jason started the award in 2018 after noticing there were several awards for plan sponsors and advisors but none for participants.
“It was time to shine a light on plan participants who understood the value of their 401(k)s enough to encourage friends, family and co-workers to learn about how to optimize their 401(k)s,” Jason said.
The award is open to anyone 21 or older who currently participates in their retiremetn plan. Applicant essays must answer the question “If you were to advise co-workers on why they should contribute to (and/or maximize) their 401(k)s, what would you say?” Official rules and applications can be found online at www.401kchampion.com.
The application deadline is November 16, and winners will be announced December 11. Employers can also nominate plan participants who exhibit characteristics of a 401(k) Champion. The deadline for nominations is November 9.
Robert Brokamp, a 2021 401(k) Champion as well as a senior advisor and an author at The Motley Fool, said he appreciates the spirit of the award. “It acknowledges that everyday employees can be motivators and educators, improving retirement security for themselves and their coworkers,” he said.
The award can also inspire long-term advocacy, according to Kevin Alexander, a 2022 401(k) Champion. “Becoming a 401(k) Champion only makes me more resolved to keep paying forward the wisdom my co-workers shared with me,” he said.
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