April 20, 2024
Decoding Your 401(k): Essential Questions for New Employees
While signing up for a 401(k) as soon as possible is generally advised, experts caution against rushing into a plan without understanding its details. Key questions to ask when starting a new job include eligibility, employer matching, automatic enrollment, rollover options from previous plans, fees, the plan provider, investment options (favoring low-cost index funds), and who to contact with questions. If the plan is unsatisfactory, employees should communicate concerns to their employer and explore legal options if necessary.
