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Participant Corner: We know you are ready for summer! But how’s your retirement plan doing?

Participant Corner: We know you are ready for summer! But how’s your retirement plan doing?

June 27, 2022

Each month we provide our plan sponsor clients with a participant ready communication piece. All participant corner documents are saved to your Fiduciary Briefcase. Once logged into your account, click on Briefcase > Participant Services > Employee Memos. 

To download a copy of this Participant Corner Memo, click here to login to your fiduciary briefcase, or contact info@definedplanadvisors.com to get a pdf version that you can distribute to your employees.

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Summer can serve as a preview of your retirement — long days in the sun and spending time with your loved ones! So, what better time to do a routine check-up on your retirement plan! Protect your loved ones and ensure you are keeping up to date with your retirement plan with our summer homework assignments!

Update or Assign Beneficiaries. 
Did you experience a major life change this year, such as marriage, divorce, birth or death? It’s important to consider updating your beneficiaries when you go through a major life change.

Review Cyber Security Best Practices. 
Retirement plans are a major target for cyber attacks. Retirement plan participants often have weak passwords and can unknowingly fall for phishing schemes. It’s important to educate yourself on cyber security best practices to ensure you are keeping your information and assets safe. Make sure to use multi-authentication where available!

Increase Contributions. 
Raise your plan contributions once a year by an amount that’s easy to handle, on a date that’s easy to remember —for example, 2 percent every Fourth of July. Thanks to the power of compounding (the earnings on your earnings), even small, regular increases in your plan contributions can make a big difference over time.

Revisit Asset Allocation. 
Rebalance your portfolio back to the original asset allocation that took into account your risk tolerance and time horizon, this ensures you adhere to your investment strategy. You rebalance by selling assets that make up too much of your portfolio and use the proceeds to buy back those that now make up too little of your portfolio.

Remember Sunscreen! 
Wearing sunscreen reduces your risk of developing skin cancer, it keeps your skin looking younger and protects you from UVB rays. What other reasons do you need to wear it?

 

For assistance with any of these homework assignments (except the sunscreen), please contact our office at 209-568-4755 or info@definedplanadvisors.com.

 

Securities offered through Kestra Investment Services, LLC (Kestra IS), member FINRA/SIPC. Investment advisory services offered through Kestra Advisory Services, LLC (Kestra AS), an affiliate of Kestra IS. Kestra IS or Kestra AS are not affiliated with Defined Plan Advisors or Retirement Plan Advisory Group. Investor Disclosures: https://www.kestrafinancial.com/disclosures. ACR# 4777692 06/22