I wanted to quickly check in to share with you some best practices for 401(k) plans that can benefit both business owners and employees in 2024.
As many people know, a comprehensive 401(k) plan is a valuable benefit that can help attract and retain employees while also promoting long-term financial health. That said, here are five best practices in 2024:
- Automatic enrollment: Automatic enrollment encourages more employees to participate in the 401(k) plan by making it the default option. In fact, among employees with 401(k)s with auto-enrollment, 84% participate, compared to 37% without.
- Matching contributions: Matching contributions incentivize employees to save more for retirement, and it’s a great way to attract and retain top talent. The average employer match? 4.5%, according to a 2021 report from Vanguard.
- Financial education and guidance: Providing financial education and guidance to employees can help them make informed decisions about their retirement savings and financial health. This can be educational materials, seminars, and complimentary one-on-one consultations with a financial advisor.
- ESG options: Offering socially responsible investment options can appeal to employees looking to invest in companies that align with their values and social responsibility goals. And ESG options are increasingly popular with younger workers – 52% of Millennials invest in ESG funds, compared to 32% of Gen X and just 14% of Boomers.
- Low fees: 401(k) fees can eat away at retirement savings, so it’s important to offer a plan with low fees to help your employees maximize their retirement savings. Here is some additional guidance on choosing the best 401(k) plan for your business.
Professional Profile of John Mateyko
John Mateyko is a seasoned financial advisor with an impressive career that spans over two decades. Currently situated in the scenic town of Serenbe, Georgia, he is the Managing Partner of IDEX Financial, an organization he established in 2010. His role primarily involves creating sustainable retirement income plans, utilizing his extensive knowledge with the goal to support clients in achieving their financial goals.
John’s entrance into the finance industry was realized after graduating from Augustana College with a business studies degree. This robust academic foundation paved the way for a successful career that saw him occupying key roles at well-respected firms including Morgan Stanley, Atlas Securities, US Bank, and JP Morgan Chase. His remarkable portfolio management skills have consistently been acknowledged throughout his professional path.
John’s commitment to outstanding service is reflected through the numerous esteemed certifications he has earned. As a Fiduciary Financial Planner, he places his clients’ needs at the forefront. His accreditation as a Wealth Management Certified Professional (WMCP), Retirement Income Certified Professional (RICP), and Accredited Portfolio Management Advisor (APMA) highlight his deep understanding and dedication to professional growth. John is currently seeking the Certified Investment Management Analyst (CIMA) certification from the esteemed Yale School of Management, further demonstrating his commitment to professional enhancement.
IDEX Financial Profile
IDEX Financial, established in 2010 as a niche investment firm in Chicago, expanded its operations to the Atlanta, Georgia market in 2018 and moved its headquarters to Serenbe, Georgia in 2020. At IDEX, John’s mission is to assist clients in navigating the intricacies of retirement planning. Recognizing each client’s unique financial circumstances, he employs a tailored strategy to formulate plans that aim to meet their individual needs. John’s goal is to provide expert advice and foster a sense of security, with the ultimate aim to enable his clients to make knowledgeable decisions about their financial futures.
On a personal level, John holds his family and community in high regard. His family actively partakes in the enhancement of the Serenbe community. Located in rural Georgia, Serenbe is a serene refuge that encourages wellbeing, community camaraderie, and a deep respect for nature, boasting beautiful trails for residents and visitors to revel in the area’s natural splendor.
In summary, with his professional expertise, dedication to lifelong learning, and personalized approach, John is steadfastly committed to making a positive impact on his clients’ lives and the community he is honored to reside in.