The Plan Sponsor Council of America has designated the Friday after Labor Day—September 9—as 401(k) Day, a day to focus on retirement planning and preparation.
This year’s 401(k) Day campaign aims to help American workers better understand their retirement plan and retirement readiness by “Knowing Your Numbers.” The awareness campaign features a checklist for plan participants to help them organize important information they may need for retirement.
The campaign also includes a user guide for plan sponsors explaining ways to use the materials. The materials include the checklist for participants and instructions to give them on how to use it, a checklist for plan sponsors, with instructions, a flyer/poster, a digital banner for email or internet and a “Know Your Numbers” logo.
All materials are free and available on PSCA’s website, where they can be downloaded for use in conjunction with the upcoming 401(k) day on Sept. 9, or anytime throughout the year. The resources can be customized with a company logo, plan name and the contact information. In addition, past education campaigns are also available to PSCA members at www.psca.org/401kday.
National 401(k) Day was first launched in 1996 by the Profit Sharing/401(k) Council of America (PSCA), known today as the Plan Sponsor Council of America. Part of the American Retirement Association, PSCA is the leading association for defined contribution plan sponsors in the United States.
The Friday following Labor Day was chosen as 401(k) Day so employees can “start the week with Labor Day and end the week with Retirement,” but PSCA says that as focuses have shifted to holistic financial wellness, and companies want the flexibility to focus on retirement plan education when it best fits into the corporate calendar, it is now making the complete library of resources available to members to access at any time.
PSCA members can choose the theme that best fits their employee population. In addition to this year’s “Know Your Numbers” campaign, a few other examples of many themes available include:
• A bingo game to help participants refocus on their financial needs and priorities by playing bingo and earning badges
• A football-themed campaign to get participants thinking about retirement like a winner
• A humorous look at Great Moments in Retirement History
• A GPS/road map theme to show the journey to retirement
More awareness efforts on tap in October
While Friday is 401(k) Day, the upcoming entire month of October serves as “National Retirement Security Month,” sponsored by the National Association of Government Defined Contribution Administrators (NAGDCA) in coordination with members of Congress.
Each public sector sponsor faces their own challenges in educating and enrolling their participants, and NRSM provides the platform around which members can employ their most creative ideas. Whether a plan sponsor is looking to increase participation, attract certain demographic groups to the plan, or educate against common investing pitfalls, NRSM is a dedicated time to focus on improving employee retirement outcomes.
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