The HR Legal News Blog

April is National Financial Capability Month

Are your employees “financially capable”?  Do they understand how your employee benefit plans contribute to their bottom line?

April is National Financial Capability Month.  It’s a great opportunity to remind your employees of some basic steps they can take to insure that they are getting the most from your benefit programs.  Taking a few minutes to attend to their employee benefit plans now can save time and heartache down the road.  Some suggestions include:

  • Updating beneficiary designations to make sure they reflect the employee’s current family situation.
  • Making sure they have copies of the current summary plan description for each of the plans in which they participate.
  • Increasing 401(k) plan contributions.
  • Reviewing 401(k) plan investment elections.
  • Signing up for online news alerts and account management features offered by group health plans.
  • Evaluating mail-order delivery options for prescription drugs.
  • Keeping copies of award letters outlining the terms of incentive awards.
  • Taking advantage of tuition reimbursement opportunities.

 

For more ideas on how to help your employees understand their finances, take a look at the resources provided by the American Banking Association and the Federal Financial Literacy and Education Commission.  In addition, the Office of the Comptroller of the Currency maintains a comprehensive list of websites designed to promote financial literacy.