With only 100 days left in the year, fall signals not just a change in the seasons but a crucial reminder to optimize your financial strategies. Every autumn leaf that falls is a cue for both employers and employees to reassess and refine their 401(k) plans. Let’s harness this final sprint to ensure readiness and peace of mind as we approach year-end. Here are four essential tasks to focus on during this countdown:

Conduct a Strategic Retirement Plan Review (For Employers)

Employers, it's time to evaluate whether your retirement plan aligns with your business goals and evolving team dynamics. Review auto-enrollment settings, matching contributions, and eligibility criteria. By making necessary adjustments now, you can prevent misalignments, enhance your team's motivation, and ensure your plan supports your organizational objectives.

Get Ahead of Nondiscrimination Testing (For Employers)

As year-end approaches, preparation for nondiscrimination testing becomes vital. Start compiling census data and contributions now to avoid last-minute complications. Reflect on past results and, if needed, consider options like safe harbor plans or qualified nonelective contributions. Proactive planning can ensure compliance and fairness among employees.

Review and Update Beneficiaries (For Employees)

Employees, family changes such as marriage, divorce, or the arrival of children can affect your beneficiary designations. Take this opportunity to verify that your designated beneficiaries are up-to-date and valid. Although it may seem simple, this task can significantly impact your loved ones' financial future.

Maximize 401(k) Contributions (For Employees)

Consider increasing your 401(k) contributions as you strategize for the remainder of the year. The 2025 limits allow for $23,500 plus an additional $7,500 for those 50 and over. Take advantage of tax benefits and compounding growth to enhance your retirement savings. Remember, even small contribution adjustments can make a big difference over time. There's still time to take control and make impactful changes that will pave the way for better compliance and improved retirement outcomes. A few proactive measures today can alleviate future headaches and bolster your financial confidence. Don’t hesitate to reach out to your advisor or HR team for guidance and support—because when it comes to your financial future, there’s no better time to act than now.