Competition Opens Today on National 401(k) Day
— Julie Jason, financial literacy proponent and Award sponsor
STAMFORD, CT, UNITED STATES, September 8, 2023/EINPresswire.com/ — The sponsors of the fifth annual 401(k) Champion® Award today announced a national search for three 401(k) participants to be named 401(k) Champions® for 2023. The competition opens today in honor of National 401(k) Day (September 8, 2023).
Three 401(k) Champions® will receive cash awards of $1,000 each based on an essay submitted online. An independent panel of expert judges will consider applicants’ answers to the following question: “If you were to advise co-workers on why they should contribute to (and/or maximize) their 401(k)s, what would you say?”
Applications are available at 401kchampion.com. The deadline for submitting applications is Thursday, November 16, 2023. Winners will be announced on Monday, December 11, 2023.
Financial Literacy Emphasis
According to surveys by the Financial Industry Regulatory Authority (FINRA), gaps in knowledge about saving and investing for retirement are leaving Americans unprepared. Lacking insight, many Americans don’t realize they have tools at their disposal that can propel them into secure retirements through the leverage 401(k) plans offer.
To break through hurdles, it became clear to financial literacy proponent Julie Jason, JD, LLM, a sponsor of the award, that educated 401(k) participants are in the best position to motivate their co-workers.
“The best motivation comes from a peer who shares his story,” said Ms. Jason.
“That’s what the competition is intended to do — to identify 401(k) participants who have figured out that with a 401(k), retirement security is infinitely more attainable, even if an employee doesn’t think he can afford to participate,” said Ms. Jason.
Robert Brokamp, a 2021 401(k) Champion® offered: “I love the spirit of the 401(k) Champion® Award. It acknowledges that everyday employees can be motivators and educators, improving retirement security for themselves and their coworkers.” Brokamp is a senior adviser and an author at The Motley Fool.
Rationale for the 401(k) Champion® Competition
“While there are several awards recognizing 401(k) plan sponsors, none focused on participants until we launched the 401(k) Champion® competition,” explained Ms. Jason, author of “You and Your 401(k)” and “The 401(k) Plan Handbook.”
“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,” elaborated Ms. Jason.
Three 401(k) Incentives
As Ms. Jason explains, “Outside of a 401(k), you can save on your own. Inside of a 401(k), you have three incentives working in your favor:
1) financial help from your employer (employer matches and contributions);
2) financial help from the U.S. Treasury (neither employer nor participant contributions are taxed); and
3) help with purpose (contributions are clearly for retirement, so there are no distractions).
Calling All Employers
This is a chance for employers to help employees begin a dialogue. As Kevin Alexander, a 2022 401(k) Champion® said: “Becoming a 401(k) Champion® only makes me more resolved to keep paying forward the wisdom my co-workers shared with me.”
Employers who believe in 401(k) education are asked to step forward: Encourage 401(k) participants to get together to talk about their 401(k)s and to compete for the title of 401(k) Champion®.
For help, go to https://401kchampion.com/for-employers/ to download a flyer with information about the 401(k) Champion® Competition. Employers can also nominate 401(k) participants who exhibit characteristics of a 401(k) Champion®. The deadline to submit nominations is Thursday, November 9, 2023. Employers are invited to speak to Ms. Jason directly about their 401(k) education challenges. She is available virtually to present educational programs (contact [email protected] for more information).
Who Can Apply for the Award?
The award is open to all ages 21 or older who currently participate in their 401(k)s. The deadline to submit applications is Thursday, November 16, 2023. See the official rules at https://401kchampion.com/rules/ for more details.
More Information About the Sponsors
Jackson, Grant Investment Advisers, Inc. (Stamford, Conn.), founded by Ms. Jason to serve high-net-worth families, sponsors the award on a pro bono basis as part of the firm’s mission to promote financial literacy education for people of all financial means.
For more information about the firm, go to https://jacksongrant.us/. For more information about Ms. Jason, go to https://juliejason.com/. There you will see references to Ms. Jason’s books and columns, which have received recognition for excellence in financial literacy education (the EIFLE Award) and clarity in writing (the CLARION Award). To attend one of Ms. Jason’s in-person or virtual events, visit https://juliejason.com/speaker/upcoming-events.
Her latest book, an EIFLE Award winner, “The Discerning Investor: Personal Portfolio Management in Retirement for Lawyers (and Their Clients),” published by the American Bar Association, focuses on the importance of lawyers and their clients in preparing for the move into retirement. The book was also honored with the New York State Society of CPA’s Excellence in Financial Journalism Award.
Jackson, Grant Investment Advisers, Inc. is the independent fiduciary boutique founded by Ms. Jason in 1992. The firm is SEC registered, with offices in Stamford, Conn. https://jacksongrant.us/. Tel: 203-322-1198