With key provisions of the federal SECURE Act 2.0 now taking effect, a local fiduciary advisor is encouraging business owners to review and benchmark their 401(k) retirement plans to ensure they remain competitive, compliant, and cost-effective.

More than 70 million Americans participate in employer-sponsored retirement plans such as 401(k)s, making them the primary retirement savings vehicle for most workers. However, many employers have not formally reviewed or benchmarked their retirement plan in several years — potentially exposing their companies to unnecessary costs and fiduciary risk.

SECURE Act 2.0 introduces a range of new provisions designed to enhance retirement readiness, expand access, and provide additional planning flexibility for employers and employees alike. These updates create a timely opportunity for companies of all sizes — from small businesses with only a few employees to larger organizations with hundreds of participants — to reassess their current retirement plan structure.

Owen Shared: “I feel this topic is so important because many employers set up a 401(k) plan years ago and assume it’s still competitive,” a local fiduciary advisor. “With the changes introduced by SECURE Act 2.0, this is the perfect time for companies to review their plan, understand their fiduciary responsibilities, and make sure they are providing the best possible retirement benefit for their employees.”

Why Benchmarking Matters
Periodic benchmarking allows employers to:

• Review Plan Fees: Evaluate administrative, investment, and advisory costs to ensure they are reasonable compared to similar plans in the marketplace.
•  Assess Fiduciary Structure: Confirm that fiduciary responsibilities are clearly defined and properly documented to reduce potential liability.
• Evaluate Investment Lineup: Ensure the plan offers a diversified, competitive range of investment options that align with participants’ retirement goals.
• Enhance Employee Benefits: Identify new features made available under SECURE Act 2.0 that may increase participation and improve retirement outcomes.

Under ERISA guidelines, employers sponsoring a 401(k) plan have an ongoing fiduciary duty to act in the best interest of plan participants. Regular reviews and benchmarking demonstrate prudent oversight and can significantly reduce the likelihood of compliance issues or costly litigation.

Opportunities Under SECURE Act 2.0
The legislation includes provisions that may benefit employers, such as enhanced tax credits for small businesses establishing plans, expanded automatic enrollment options, and increased catch-up contributions for certain employees. Companies that proactively evaluate these changes may discover opportunities to improve plan participation, employee satisfaction, and long-term workforce retention.
“Employers work hard to build strong teams,” Owen added. “A well-structured, competitive retirement plan is one of the most meaningful benefits they can offer. Taking the time to benchmark a 401(k) plan isn’t just about compliance — it’s about strengthening your business and supporting your employees’ future.”

Local business owners interested in reviewing their 401(k) plan or learning more about
benchmarking under SECURE Act 2.0 are encouraged to consult with a qualified fiduciary advisor.

About Owen Edwards
Owen Edwards, Certified Financial Fiduciary®, is an Investment Adviser Representative of Royal Fund Management, an SEC-registered Registered Investment Advisor. He proudly serves individuals, families, and business owners throughout Northeastern Pennsylvania and nationwide.

Beginning his 30th year, Edwards is known for his educational, client-first approach and his dedication to helping families gain the clarity and confidence they need to make informed financial decisions.

Learn More: https://royalfundmanagement.com/

Owen Edwards is an Investment Adviser Representative of and investment services offered through Royal Fund Management, LLC, an SEC Registered Adviser. 401(k) Maneuver is another business name for Royal Fund Management, LLC. Royal Fund Management LLC only transacts business in states where it is properly registered or is excluded or exempted from registration requirements. SEC registration does not constitute an endorsement of the firm by the Commission nor does it indicate that
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