To celebrate National 401(k) Day today, Chuck Smith, Nebraska practice leader, and his team at Prime Capital Retirement are reconvening for the 2nd annual 401(k) Day event. This year's event focuses on the "1% Challenge," an innovative event designed to boost retirement savings and encourage healthy habits.

The challenge encourages participants to take two impactful actions:

• Increase their retirement plan contribution by 1% of their compensation. For example, a 55-year-old earning $70,000 annually could increase their retirement savings by $16,779 with just an extra $16 per week.
• Run or walk 1% of 401 kilometers (4.01k), or about 2.5 miles.
• To incentivize participation, everyone who completes the 1% Challenge on September 6 and logs their activity will be entered into an hourly raffle for a $100 gift card, with winners announced every hour from 1:00 am to midnight.

Last year, Smith, along with his team, set a goal of running 401 kilometers – or 250 miles – throughout the week leading up to National 401(k) Day. We talked to Smith about 401(k) Day – and some of this thoughts about the importance of financial literacy and how employers can help their employees build retirement security.