One of the biggest ways you contribute to the success of your NADART plan is by communicating the plan to your employees. Educating your employees about their retirement can be of benefit to them, as it can help give them control of their long-term financial future. However, it can also benefit your company by:

• Retaining employees and reducing turnover. Providing a quality retirement plan to your employees and taking the time to educate them about it demonstrates concern for their well-being. People are more likely to work for a company that cares about them. Retaining employees will reduce the cost of hiring and training new employees.
• Helping to keep your plan in compliance. Having more rank-and-file employees contributing to your plan helps your highly compensated employees avoid refunds and may keep your plan from becoming Top Heavy.
• Increasing productivity by fostering good will among employees. Showing commitment to the future of your employees and their families by encouraging participation in your plan may make them more committed to your dealership`s future goals.

You may be questioning, however, just how to go about communicating the plan. NADART offers several tools and tips to help you:

Be sure your participants age 50 and older are aware of catch-up contribution limits.

Older participants can save more in their 401(k) plans. Review the facts and use the payroll stuffers (PDF) to notify your participants.

Hold enrollment meetings on a regular basis.

This is one of the most important things you can do to educate employees about NADART. Most employees are not going to come up and ask you about enrolling in the plan, so it is important to hold a meeting at least once a quarter. If you do not have any new employees during that quarter, encourage those employees who are not participating to come.

Send out reminders about the plan.