SURVEY SAYS: What's on the Agenda for 401(k) Day?

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Alongside, the anniversary of the Labor Day 1974 signing into law of the Employee Retirement Income Security Act of 1974 (ERISA); “as retirement follows work, 401(k) Day follows Labor Day.   This year, 401(k) Day – an annual celebration spotlighting the importance of employer-sponsored retirement plans – is officially on September 5, the Friday after Labor Day.

This week, I asked readers about their plans for 401(k) day – and a clear plurality (36%) said “nothing, business as usual” – and a surprisingly robust 30% responded simply, “What’s 401(k) day?”   As one reader noted, “The first time I ever heard of it was last year when you asked a similar (maybe the same) question. Maybe I’ll send out for pizza to celebrate!”   Another said, “Now that I know about it, I will probably send an e-mail of participation FAQs.”

“I’ll put a link to the 401(k) activities available on-line, and then I’ll send out an all-users e-mail notifying everyone of the event and the learning activities that are available,” offered another.   “Not much, but at least it won’t be completely overlooked.”

Still another said, “You’re kidding, right? This sounds like another special day invented by Hallmark to sell more greeting cards.”

One reader noted, “I’m not doing anything – we tried to recognize it 2004-2006 and got zero interest or response. I’m not sure when a better day would be, but September doesn’t seem to work for us for anything other than end of fiscal year frantic shuffling and budget planning for new fiscal year.”

Nearly one-in-five said that, while they weren’t doing anything different, “every day is 401(k) day here!”   Just over 7% said they would simply “observe a moment of silence” (though, as one reader observed a condition to that plan, “If it is possible to have a moment of silence in my office.” .   About 4% said they were planning a big workplace event, just under 3% were looking ahead to a small workplace event, and half that number said they weren’t planning an “event”, but were planning to do something special.

Not that the lack of plans was necessarily the result of a lack of desire:   One reader noted, "I brought it up and was told budget cuts prevent us from doing anything. Even the email messages I proposed be sent to all was quashed. Am waiting for the "CEO bonus protection plan" to include stopping all company contributions to the 401K plans."

Another said, "We're also working on a major campaign for National Save for Retirement Week in October. In order not to overwhelm our employees, we're only focusing on one (NSFRW rather than 401(k) Day)."

However, there were a lot of creative responses - "While we'd like to do something, we have no clue what that something is. Looking forward to seeing what other folks have planned so that we can perhaps borrow one or two ideas," was one response, while another said, "I guess I should try to think of something quick!" 

At least one reader said they would be "blaming my 401(k) TPA for not thinking of anything creative."  

Unique Plans

Some of the more unique plans included:

"Cross my fingers that I can have at least one day off from participants calling me wanting to know why I'm being so heartless as to not allow them a hardship withdrawal from the Plan. Keep in mind, the "hardship" reasons being turned down for not meeting the Plan's definition include charges for overdue DVD rentals, a pool leaking into a basement, IRS collections for unpaid taxes on gambling winnings...Sigh. Here's hoping for a PERFECT 401(k) day!"

"We will celebrate the fact that local governments are not bound by ERISA!"

"What?? No 401(a) day?? Can we get at least a half-hour???"

"Hoping to be celebrating the selection of our new 401(k) vendor. We have final selection presentations early in the week for the 2 finalists. This has been in the works for almost 2 years and every week brings to light another reason we need to dump our current provider. Am I a geek for getting so excited about changing our 401(k)?"

"I'll be away for a longer weekend, sitting beside my pool, at my future retirement home in Florida, drinking a Pina Colada. I set up our 401k at work. It is the best thing I have done in my career. I preached that if my co-workers used the 401k opportunity to the max, they could be playing golf in Florida rather than waiting for their Social Security check to arrive, so they could go buy groceries. I plan to be a shining example of that."

"Never heard of it before today! If we're going to start designating holidays to celebrate different benefit milestones, how about "We Finally Closed Open Enrollment Day" or "We Finally Finished the 5500's Day"?

But this week's Editor's Choice goes to the reader who said "I think I'll just pray to the ERISA gods for no new major legislation!"

Thanks to everyone who participated in our survey!

Other ideas for 401(k) Day from our readers are in the next section.   

Those of you looking for more information about, and suggestions for, 401(k) day, you'll want to check out:

We've celebrated this in   the past but it's hard to get excited by it now    with auto   enrollment   auto increase   auto age default     there is not a lot of further associate   interest;

over 95% of employees here    contribute at least 4% to get the   full match.    Those that don' t contribute or don't   fully participate probably   never will    despite annual reminders   to do so.    We just send out   the reminders and one associate,   not contributing at all ,said   he's doing the Dave Ramsey total money make-over   first.

  The yr catch-up started - we gave away green bottle of Heinz Ketchup on our cafeteria to those eligible for it.    [only 1/3 of those here   eligible for   catch-up but most of those who don't - don't max out the $15,500k.    I   was   surprised to read you note on the FIDO   2007 participant survey last week saying   <10% contribute the fully $15,500.    I'm trying to find out what % here do the max; I'm sure it's   more but still not enough for retirement adequacy       Having   contributed   the max (% or $)   myself   for every year   I 've ever been in any plan,    I can't even think of doing otherwise.      This year I'll   contribute $20,500   and on a Roth basis to boot. ]

We had Super K shirts   made when   the PSCA had that   as it's theme

  another yr we gave out   $100,000 candy bars

You're kidding, right? This sounds like another special day invented by Hallmark to sell more greeting cards.

After months of excitement (and controversy) the 2008 Olympics will wrap up this week.   This week I asked readers a special bonus question; if they had kept up with the Olympics as much as they thought they would - or less.

More than one in five ( 21% ) said they had pretty well kept up with things the way they thought they would, though nearly as many ( 19.8% ) kept up more than they had anticipated, and 18.5% had kept up less than they wanted to, or thought they would.  

As for the rest, 12.3% said they kept up with it less than they thought they would (though perhaps not less than they wanted), while 11.1% said that they wound up keeping up with things more than they wanted to, or thought they would.   More than 7% said they kept up with the Olympics more than they thought they would, but less than they wanted to, while 6.2% kept up less than they wanted to.   As for the rest; 2.5% kept up with it more than they wanted to, and 1.2% kept up less than they thought, but more than they wanted.

"Everything I wanted to watch was on too late--5:30 a.m. comes awfully fast when you go to bed at 1 am," explained one.

"The TV networks constantly discriminate against the west coast. Some events were shown live in the east, although quite late. We could have seen them live in the west at a reasonable time, but instead they force us to wait until midnight even though we already know the result," noted another.

Referring back to a prior survey (see  The Olympic Challenge(s) ), one reader said, "I should get a medal for just reading all the choices you gave in under a minute.. Watching what I can late at night."

But this special bonus question Editor's Choice goes to the reader who said, "I feel like I've been "phelped"

Thanks to everyone who participated in this bonus survey!

There's a lot of buzz around the "Veepstakes" for both major US Presidential candidates.   This week I asked readers, regardless of who they currently favor in the election (if they favor either of the major candidates), would that candidate's choice of vice president influence your vote?

Nearly half ( 49.4% ) said it would not influence their vote, and only one-in-eight ( 12.6% ) said that it would make a difference.  

Roughly a third ( 29.9% ) said it might make a difference, and the rest said - "depends."  

"As with all presidential elections in my voting lifetime, my vote is more about keeping one guy out and less about getting a particular guy in," said one.  "I'm sad to say that I've never felt really passionate about any presidential candidate."

"I'm not fond of any of them. I once voted for Snoopy and I may do so again."

"In the past 30 years I have learned you don't FOR a candidate, instead you vote AGAINST the idiot."

"At this point, I'm so bum fuzzled from their positions on the issues changing that just about anything would influence my vote!"

But this week's special bonus question Editor's Choice goes to the reader who said, "Like the Olympics, it will be refreshing to have it over with."

Thanks to everyone who participated in our survey!!