When Was the Last Time You Reviewed Your 401(k) Plan?

Avatar photo Note Team on July 10, 2026

advisor meeting with plan sponsor regarding 401k plan

Five Areas Every Plan Sponsor Should Review

Offering a 401(k) plan is one of the most valuable benefits a business can provide. It can help attract and retain employees, improve retirement readiness, and create tax advantages for both the company and its workforce.

But sponsoring a retirement plan also comes with responsibilities.

Many business owners assume their recordkeeper, advisor, or third-party administrator is handling everything behind the scenes. While these partners play important roles, the responsibility for overseeing the plan ultimately remains with the plan sponsor.

The good news? Most compliance issues are preventable when plans are reviewed regularly and proper processes are in place.

Here are five areas every plan sponsor should evaluate.

1. Plan Documents and Required Updates

Retirement plan regulations continue to evolve. Recent legislation, including the SECURE Act and SECURE 2.0, has created new requirements and opportunities for many plans.

An outdated plan document can create compliance concerns, even if the plan is operating correctly.

Consider asking:

·       Have required plan amendments been adopted?

·       Are plan documents current?

·       Are Summary Plan Descriptions and required disclosures being distributed on time?

2. Fiduciary Oversight

Serving as a plan fiduciary carries legal responsibilities. Many plan sponsors are surprised to learn that fiduciary duties extend beyond simply offering a retirement plan.

A prudent fiduciary process typically includes:

·       Regular review meetings

·       Investment monitoring

·       Fee benchmarking

·       Documentation of important decisions

Strong documentation can be just as important as making the right decisions.

3. Employee Contributions and Eligibility

One of the most common compliance issues involves the timing of employee contribution deposits.

Employee deferrals should be deposited into the plan as soon as administratively possible. Most of the time, employee contributions need to be made within 2-5 days, depending on the cadence. Delays can trigger corrective actions and potential penalties.

Plan sponsors should also confirm that eligible employees are allowed to participate on time and that employer contributions are calculated correctly.

4. Compliance Testing and Regulatory Filings

Many plans are required to complete annual testing and reporting requirements.

These may include:

·       ADP/ACP nondiscrimination testing

·       Top-heavy testing

·       Form 5500 filings

While service providers often assist with these tasks, plan sponsors should still understand what is required and verify that deadlines are being met.

5. Participant Communication and Education

A compliant plan is important. A successful plan is even better.

Employees are more likely to appreciate and utilize a retirement plan when they understand how it works and how it can help them achieve their goals.

Plan sponsors should consider:

·       Whether required notices are being delivered

·       The quality of employee education resources available

·       Opportunities for ongoing financial wellness support

Common Warning Signs

During retirement plan reviews, we often see similar issues appear repeatedly:

·       Outdated plan documents

·       Late contribution deposits

·       Lack of fee benchmarking

·       Limited fiduciary documentation

·       Missed participant notices

·       Infrequent plan reviews

None of these necessarily mean a plan is failing. However, they may indicate that a closer review is warranted.

When Was the Last Time Your Plan Received a Second Opinion?

Even well-run plans benefit from periodic reviews.

A fresh perspective can help identify potential risks, uncover opportunities for improvement, and provide confidence that your plan remains aligned with your goals and fiduciary responsibilities.

If it’s been a while since your retirement plan has been reviewed, we’d be happy to have a conversation.

Schedule an introductory call with our Senior Financial Advisor, Angela Hall, CFP®, to discuss your plan and determine whether a comprehensive retirement plan review makes sense for your organization.

Schedule a Call

Catch-up Contribution Changes

Angela Hall, MBA, CFP Angela Hall on January 26, 2026

What You Need to Know

Saving for retirement is getting a boost in 2026, especially for older workers. New IRS rules are expanding catch-up contribution opportunities while also introducing important changes around Roth catch-up contributions.

Whether you’re a plan sponsor or a participant, understanding these updates can help you make smarter retirement planning decisions and avoid surprises.

What Are Catch-Up Contributions?

Catch-up contributions allow participants age 50 and older to contribute more to employer-sponsored retirement plans—such as a 401(k), 403(b), or 457(b)—beyond the standard annual limit.

These contributions are designed to help individuals who:

  • Started saving later in their careers
  • Took time away from the workforce
  • Want to accelerate retirement savings as retirement approaches

For 2026, catch-up contribution limits have been adjusted for inflation and expanded for certain age groups.

Roth Catch-Up Contributions: A Major Change in 2026

One of the most impactful updates affects how catch-up contributions are taxed for higher earners.

Beginning January 1, 2026:

  • Participants with prior-year FICA wages from the same employer above the IRS threshold (approximately $150,000 for 2026) must make catch-up contributions as Roth (after-tax) contributions
  • Participants earning below the threshold may continue to choose between pre-tax or Roth catch-up contributions, depending on their plan’s provisions

Why Roth Catch-Up Contributions Matter

Roth contributions are taxed today but grow tax-free, and qualified withdrawals in retirement are also tax-free. While Roth contributions may reduce current take-home pay, they can provide meaningful tax flexibility in retirement, especially for participants who expect higher future tax rates.

Super Catch-Up Contributions for Ages 60–63

For workers nearing retirement, the IRS has introduced an enhanced saving opportunity known as the “super” catch-up contribution.

In 2026:

  • Participants aged 60, 61, 62, or 63 may contribute up to $11,250 in catch-up contributions
  • This is higher than the standard catch-up limit of $8,000 for participants age 50 and older

These expanded limits are designed to help late-career employees take advantage of peak earning years and close potential retirement savings gaps.

What These Catch-Up Contribution Changes Mean for Employers

The 2026 catch-up contribution rules affect more than just participants. They also create new administrative considerations for plan sponsors.

Employers should:

  • Review plan documents to confirm whether Roth and super catch-up contributions are permitted
  • Coordinate with payroll providers and recordkeepers to ensure systems can apply Roth requirements correctly
  • Communicate these changes clearly so participants understand their options and potential tax impact

Final Thoughts on Catch-Up Contributions in 2026

Catch-up contributions have long been a powerful retirement planning tool, and the 2026 updates make them even more impactful, especially for workers approaching retirement. At the same time, new Roth requirements add complexity, making education and planning more important than ever.

If you have questions about how catch-up contribution changes affect your retirement plan or personal savings strategy, let’s connect.

Schedule a Call

Angela M. Hall, Ph.D., CFP® is Note’s Senior Financial Advisor and head of the Retirement Planning division at Note Advisors. Angela works closely with business owners who need retirement plan options for their employees. As a Certified Financial Planner®, her mission is to guide you in achieving your most ambitious life and business vision by developing and maintaining custom wealth and retirement plan strategies. Connect with her on LinkedIn

New York Secure Choice Is Coming

Angela Hall, MBA, CFP Angela Hall on December 17, 2025

What New York State Business Owners Need to Know

New York is taking a major step to expand access to retirement savings, and it has real implications for business owners across New York State.

With the rollout of the New York Secure Choice Retirement Savings Program, private employers with 10 or more employees that don’t currently offer a retirement plan will soon face new registration requirements. This will be the first time retirement benefits have moved from a “nice to have” to a legal mandate.

Let’s dive into what New York State business owners should know and how the right planning approach can turn this mandate into an opportunity.

Which New York Employers Are Affected

Under Secure Choice, private employers will be required to take action if they:

  • Have been in business for 2 or more years
  • Employed 10 or more employees in the previous calendar year
  • Do not currently offer a qualified retirement plan already

New York employers that meet these criteria will need to either register for the state-sponsored Secure Choice program or offer an eligible private retirement plan and claim an exemption.

Registration deadlines will be phased in beginning in 2026, based on employer size.

How We Help New York Businesses Implement the Right Retirement Plan

At Note Advisors, we work closely with New York State business owners to help them choose the plan best for their business and their employees. Our support includes:

  • Custom plan design
    Tailored retirement solutions aligned with your business goals
  • Employee education & engagement
    Ongoing financial education to drive participation and retention
  • Certified Financial Planners
    Expert guidance to minimize administrative burden and stay compliant

Turning a Mandate Into an Opportunity

With Secure Choice deadlines approaching in the Spring of 2026, now is the time for New York State employers to review their retirement plan strategy. Early planning provides more flexibility, avoids last-minute compliance pressure, and allows businesses to implement a plan that supports growth and employee financial well-being.

If you don’t currently offer a retirement plan and would like guidance, I’m here to talk through your options and help you determine the best fit for your business. If you have questions or need help moving forward with confidence, let’s connect.

Schedule a Call

Angela M. Hall, Ph.D., CFP® is Note’s Senior Financial Advisor and head of the Retirement Planning division at Note Advisors. Angela works closely with business owners who need retirement plan options for their employees. As a Certified Financial Planner®, her mission is to guide you in achieving your most ambitious life and business vision by developing and maintaining custom wealth and retirement plan strategies. Connect with her on LinkedIn