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Convincing all employees to enroll in 401(k) programs — and then leverage them to their fullest extent — isn't always easy. But sometimes a nudge in the right direction from a coworker can do wonders. That's the premise of the 401(k) Champion Award.
The sponsors of the fourth annual contest are conducting a national search for three 401(k) participants to be named 401(k) Champions for 2022. The competition opened Sept. 9 — National 401(k) Day, incidentally — and runs through Oct. 20. The three designated 401(k) Champions will receive cash awards of $1,000 each based on an essay submitted online with their answers to these two questions:
- If you were to advise co-workers on why they should participate in (and/or maximize) their 401(k)s, what would you say?
- What actions have you taken to inspire non-participants to participate in the 401(k)?
An independent panel of judges will consider applicants' responses and determine the winners.
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"While there are several awards recognizing 401(k) plan sponsors, none focused on participants until we launched the 401(k) Champion competition," says Julie Jason, a financial literacy proponent, author of You and Your 401(k) and The 401(k) Plan Handbook, and sponsor of the award through her Stamford, Conn.-based firm, Jackson, Grant Investment Advisers Inc., in a statement. "It was time to shine a light on 401(k) participants who understood the value of their 401(k)s enough to encourage friends, family, and co-workers to learn about how to optimize their 401(k)s."
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"I love the spirit of the 401(k) Champion Award," adds Robert Brokamp, a 2021 401(k) Champion and senior adviser, author, and podcaster at The Motley Fool. "It acknowledges that everyday employees can be motivators and educators, improving retirement security for themselves and their coworkers."
The award is open to all 401(k) participants 21 years of age or older. For more information or to apply, visit 401kchampion.com.
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