By Chris Cristallo, CFP® | 401(k) Advisor at BGA / Beam Wealth
Fall: The Perfect Time for a Fresh Look
Fall brings cooler air, shorter days, and a natural pause before the year wraps up. It is also a great time for plan sponsors to step back and take stock of their retirement plan.
Just like farmers gather their harvest and plan for next season, employers can use this season to gather insights, review what is working, and make adjustments before the new year begins. A thoughtful fall review helps set up stronger results for both employees and the business.
1. Check Participation and Savings Trends
Participation and savings rates say a lot about how healthy a plan really is. According to Vanguard’s How America Saves 2025, plans that use automatic enrollment have 94 percent participation, compared with only 64 percent in voluntary plans.
This is a good time to ask:
- Are enough employees joining the plan?
- What are average deferral rates, and are they growing?
- How many people are opting out of auto enrollment?
If numbers have stalled, small changes like adding auto enrollment, auto escalation, or a re-enrollment campaign can make a big difference. Even if your plan is not required to add auto features under SECURE 2.0 (for new plans starting January 1, 2025), doing so voluntarily can improve participation and testing results.
2. Review Your Match and Contribution Strategy
The company match is one of the most visible ways to show support for employees’ long-term goals. As budgets and cash flow come into focus at year-end, it is smart to make sure your match formula is still competitive and effective.
Ask yourself:
- Does the match motivate employees to contribute enough to get the full benefit?
- Would adjusting the formula, such as matching 50% up to 8%, improve outcomes without raising costs?
Even small tweaks to the match or timing can encourage better saving habits and help balance testing results across employee groups.
3. Benchmark Fees and Providers
Fiduciary best practices recommend reviewing plan costs and providers at least every few years. Doing this in the fall allows time to make changes before renewals or year-end updates.
What to review:
- Recordkeeping fees — are they still competitive for your plan size?
- Investment costs and performance versus peers.
- Participant tools, education, and service quality.
Documenting your review and keeping it in your fiduciary file helps demonstrate compliance with ERISA Section 404(a) and supports ongoing due diligence.
4. Prepare for SECURE 2.0 Changes
Several key provisions from the SECURE 2.0 Act take effect soon. Reviewing your plan design now can help you stay ahead of upcoming deadlines:
- Automatic enrollment and escalation: Required for new 401(k) and 403(b) plans established after January 1, 2025.
- Roth catch-up contributions: Effective January 1, 2026, employees age 50+ making catch-up contributions and earning more than $145,000 (indexed) must make these catchup contributions as Roth contributions.
Coordinate with your payroll and recordkeeper teams to confirm your systems and documents are ready for these updates.
5. Strengthen Your Fiduciary File
Year-end is the best time to tidy up documentation. Make sure meeting minutes, investment reviews, and committee actions are clearly recorded.
A quick checklist:
- Update your Investment Policy Statement if needed.
- Keep benchmarking reports and fee comparisons on file.
- Document any plan design or provider discussions.
Strong documentation shows consistent governance and protects your committee if questions ever arise.
6. Reconnect with Employees Before the Holidays
Before year-end busyness sets in, take a moment to engage employees about their plan. Simple, timely messages can remind participants of the value of saving and help them start the new year strong.
Ideas include:
- A “check your savings rate” reminder.
- A short video or webinar about the company match.
- Encouraging employees to review their beneficiaries and investment mix.
Clear, positive communication goes a long way toward building trust and long-term engagement.
Plant the Seeds for 2025 Success
Harvest season is about results, but it is also about preparing for what comes next. Reviewing your plan design now helps ensure it continues to grow in the right direction.
By checking participation, revisiting plan features, benchmarking fees, and tightening fiduciary practices, sponsors can head into 2025 with confidence. A small investment of time this fall can yield stronger participation, smoother compliance, and better retirement outcomes for everyone.
Together, let’s evaluate the way we approach retirement programs.
Chris Cristallo, CFP®
401k Advisor at BGA / Beam Wealth
Sources
- Vanguard, How America Saves 2025 (June 2025)
- Principal, The Power of Auto Features (2025)
- U.S. Department of Labor, Meeting Your Fiduciary Responsibilities (2024)
- Internal Revenue Service, SECURE 2.0 Implementation Guidance (2025)