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4 keys to effective 401(k) plan design, according to Wells Fargo

There are good 401(k) plans and not-so-good ones. Here are the top features of "high-influence" plans.

By Bernice Napach | Updated on October 24, 2018
The best 401(k) plans don’t just happen — they’re created by smart advisors, sponsors, and providers. Here are some tips. (Photo: Shutterstock)

How can retirement plan sponsors and the advisors who work with them design plans that maximize participation, contributions and investment diversification?

Those are the key characteristics of a healthy 401(k) plan, according to Wells Fargo Institutional Retirement and Trust, which just released its 2018 Driving Plan Health report, based on analysis of more than 2,000 plans representing more than 4 million eligible employers.

The analysis found that participation, contributions and diversification have increased among the plans it studied but more needs to be done if employees will be able to replace 80% of their current income in retirement, which is the minimum goal.

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