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401k retirement plan

Many companies today offer 401k retirement plans for their employees. A 401k plan can be a great benefit to employees, and is a nice recruiting and retention tool for the company.

At NL&C, this benefit should be discussed during New Employee Orientation, which occurs in a new employee's first week on the job. As part of your role, you are assigned to cover this during orientation. How would you explain this benefit in a way that reaches the audience, is easy for them to understand and emphasizes the advantages of a 401k? How can you make this orientation so effective, that it will result in high participation, less confusion, and fewer phone calls to you for clarification?

Share your thoughts on how to effectively present that benefit during Orientation.

Solution Preview

First of all, I will start explaining the core elements of the plan, i.e., what this plan is all about? I will make them aware of the different elements, definitions, components of the plan, various options, how it works, etc. Then, I will start explaining the major benefits or attractiveness of the plan for the employees. These benefits include:

1) Tax benefits: The main benefit of a 401k retirement plan is the favorable tax treatment it receives from tax authorities. Dividend, ...

Solution Summary

NL&C: Discuss the 401k retirement plan during new employee orientation