Critical questions for plan participants
A few years ago, we did a Q&A series on critical questions for plan sponsors. We’d now like to revisit this territory and address critical questions for plan participants. Investing and saving for retirement can be daunting; but investing in your employer sponsored plan is a great place to start. Here are a few questions you may want to ask at the outset — these will depend on each employer’s plan:
- When can I start participating in the plan?
- What are the fees that I will be responsible for?
- What are the fees that the company/plan sponsor is responsible for?
- If any, what is the employer contribution or match?
- Is there an advisor that I can get personalized advice from? Is that person a fiduciary to me and the plan?
- How much can I contribute to the plan?
- Does my plan allow for Roth contributions?
Employers will set up their retirement plans in their own way. They are all different. Check back soon for more questions and answers about how you can make the most of your retirement savings plan.