Allowing participants to contribute to your Defined Contribution Plan

With employers limited in their ability to further assist underfunded traditional Defined Benefit (DB) plans, some have turned to their Defined Contribution (DC) plans to allow employees to supplement their retirement sources. In the multiemployer arena, 401(k) pre-tax deferral features have been increasingly used to allow participants to supplement stagnant employer provided DB and DC plan benefits. These member contributions may be enough to bridge the retirement income gap for members wishing to retire before Social Security and Medicare commence. Adding a 401(k) feature to your DC plan can allow participants more retirement financial flexibility and less worry.

Would adding this feature offer better ways to enhance retirement flexibility?

We can help identify solutions right for your plan.