Despite mountains of federal laws, regulations and requirements, not all 401k plans are the same. Indeed, 401k plan sponsors have plenty of latitude to add or delete features, set employer matches, and otherwise customize the 401k. Sometimes “customizing” means making changes that save the company money, but cost the employee directly (e.g. eliminating/reducing an employer match) or indirectly (e.g. choosing an investment company that promises “free” administrative services for the company, but charge participants excessive investment management fees).
The 401k questions below are designed to help workers get an idea of how their plan measures up. Evaluating 401k plans using this tool will help identify shortcomings that you can delve further into with plan administrators. Of course, consider the tool only as a general guide to help spark discussion and further questions about your specific 401k plan.