Business 401(k) Services / 401(k) Plan Optimization

How We Create Your 401(k) Scorecard

You may have received a 401(k) Scorecard from us and wondered how we got the information we used to compare your 401(k) to other plans in your industry.

The answer to that question is IRS Form 5500. It’s a public document that helps employers and plan providers stay accountable to employees and the public. This blog post explains the information available in Form 5500 and how we use it to your advantage.

What to Know About Form 5500

You’re probably already very familiar with Form 5500. Every business with a retirement plan is required to file one annually. Your business may have filed dozens over the years.

This form is public information provided by the Department of Labor (DOL). Employees, community members, competitors—anyone can go to the EFAST page on the DOL website to search by plan name, plan sponsor, or other identifying data. This is the data we use to generate your 401(k) Scorecard.

If Form 5500 is still new to you, we have information on how to fill it out successfully. Check out Form 5500 Filing Instructions at our website.

Is There a Risk to Form 5500 Data Being Online?

Form 5500 doesn’t include personal participant data or any account numbers. Online criminals couldn’t break into your retirement account funds or steal from your employees with Form 5500 data.

However, this doesn’t mean that fraudsters won’t try. Social engineering scams, which often use public information to make you think they’re a trusted contact with intimate knowledge of your company and its people, might attempt to use Form 5500 data against you. By being aware of what’s on this form, you’ll be more likely to spot fakes and phonies.

Fisher takes great care to protect all data we use. We don’t share your 401(k) Scorecard with anyone outside your company and won’t sell any data to marketers or other third parties. We only work in our clients’ best interest, and that includes protecting your data.

Using Your Scorecard

Fisher’s 401(k) Scorecard makes it easy to see how your retirement plan stacks up against industry competitors.

It includes industry averages for participation rates, employee and employer contributions, assets per participant, rate of return, and plan growth rate—all data derived from the forms of your business and its competitors.

The Scorecard produces an overall score and scores for each category. By comparing your data with the averages, you get a clear-eyed, holistic view of how your plan is doing and where it could improve.

Analyzing Your Scores

After reviewing your Scorecard, let’s talk about your plan goals and what we can do to optimize your 401(k) for your business and employees.

>>Contact us to discuss your Scorecard with a retirement plan specialist.

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See our Business 401(k) Insights

Resources and articles to help your business with retirement plan support, optimization and administration.

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