
Don’t Assume: Are You Actually Enrolled in Your Employer’s Retirement Plan?
Jan 15
3 min read

Imagine sitting down with a financial adviser or retirement expert and being asked about your retirement plan. How would you respond? Would you confidently explain that you were automatically enrolled when you started at your current job? Could you talk about your company’s matching contributions and the percentage you set aside from each paycheck? Maybe you'd even share your planned retirement age, knowing your savings are on track to support it.
That sounds ideal—but what if you couldn’t answer those questions? What if, after all this time, you realized you weren’t actually enrolled in your employer’s retirement plan at all?
Retirement planning is one of the most important steps you can take for your financial future—but not all companies offer automatic enrollment, and many employees miss out on this critical benefit simply because they assume they’re already signed up. It’s not a fun situation to find yourself in, and as silly as it may sound to some, it happens more often than what you may think. Here's how to check if you’re enrolled and what to do if you're not:
Step 1: Confirm Your Enrollment Status
Ask HR or Your Benefits Administrator: Contact your employer’s HR department or benefits team to verify your enrollment. They can provide details about your current status and any forms or actions required.
Log In to Your Retirement Account: If your company offers an online portal for retirement plans, check your account to confirm you’re actively contributing.
Step 2: Understand Enrollment Policies
Automatic vs. Manual Enrollment: Some employers automatically enroll employees, while others require you to take action to opt in. Don’t assume—find out!
Eligibility Requirements: Make sure you meet any eligibility criteria, like a waiting period for new hires.
Step 3: Take Action if You’re Not Enrolled
Sign Up ASAP: Ask your HR or benefits team how to enroll. They can walk you through the steps, including selecting your contribution rate and investment options.
Set Up Automatic Contributions: Simplify your savings by setting up automatic deductions from your paycheck.
Step 4: Maximize the Benefits
Take Advantage of Matching: If your employer offers a matching contribution, make sure you’re contributing enough to get the full match—it’s essentially free money for your retirement.
Review Your Contributions Annually: Life changes, and so should your savings strategy. Revisit your contributions every year to make sure you’re staying on track for your goals.
What You Can Do If You Need to Catch Up
Once you reach a certain age, it may feel like it’s too late to start doing anything with your retirement savings. We get it, but there’s no need for panic! There are several ways in which you can help yourself catch back up, such as contributing the maximum amount possible or diversifying your investments. For some, diversifying their investments across different asset classes seems like a risky move and complicated, but in fact, it’s more for risk mitigation. Having your investments across multiple asset classes can help balance your overall performance if one particular class starts to underperform.
If you’re over the age of 50 and feel retirement age inching closer, you’re not out of luck, either. According to the IRS [1], if you're 50 or older by the end of a calendar year, your retirement plan may allow you to make additional "catch-up" contributions beyond the regular contribution limit. Plans that often qualify for catch-up contributions include:
401(k) (excluding SIMPLE 401(k) plans)
403(b) plans
SARSEPs
Governmental 457(b) plans
It’s important to know that catch-up contributions have annual limits set by the IRS, which can change from year to year. Be sure to stay informed on the latest limits and rules.
The Bottom Line
Don’t let assumptions hold you back. Take a few minutes to confirm your enrollment and start building your future today. Not being enrolled could mean losing valuable time—and money—for your retirement savings.
If you’d like to discuss contributions in more depth or have other questions regarding your retirement plan, we’re here to help—schedule a meeting with one of our RetireAdvisers℠ experts today.
The concepts expressed herein represent the views and opinions of Pension Consultants, Inc., and are not intended as legal, tax, or investment advice for any specific individual, account, or plan.
Source:
[1] Retirement topics - catch-up contributions. Internal Revenue Service. (2024, August 19). https://www.irs.gov/retirement-plans/plan-participant-employee/retirement-topics-catch-up-contributions
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