Strengthening the Financial Future of Our Employees: September Is 401(k) Month at Sodexo

Within the current economic environment, many in our country are facing serious challenges, especially those who are considering their retirement options. This is such an important topic, as according to the Employee Benefit Research Fund, the average American will spend 25% of his/her life in retirement! Additionally, EBRF estimates that:

• Nearly 7 in 10 workers expect to work into retirement, but 4 in 10 retirees end up having to leave the workforce earlier than expected due to health problems, disability or company downsizing.
• You may need 60-80% of your current working income for each year in retirement.
• 1 in 5 Americans have not saved for retirement. 

At Sodexo, we have a strong commitment to help our employees plan for their financial future. As such, we have designated the month of September as 401(k) Month at Sodexo. The month is filled with news, webinars and other events designed to increase awareness of the need to save for retirement, provide details of how proactively saving through a 401(k) plan can impact the employee’s future, explore individual retirement investment choices, and understand how investment choices can be impacted by the changing economy.

Sodexo is very proud that this year, even in the midst of a down economy, we have taken measures to expand our 401(k) program, maintain a strong employer contribution, and enhance the investment choices available to our employees. 
 
As David Frick, Sodexo's Director of Benefits, notes, "One enhancement we have made is to automatically enroll all new employees into the 401(k) program. Since doing so, participation overall in the 401(k) has more than doubled to 55%, while enrollment of newly eligible employees stands at more than 90%. Thus, 9 out of every 10 employees (salaried and hourly) whom we auto-enroll in the 401(k) Plan choose to remain in and save for retirement while sharing in the Company Contribution."
 
Employees are also taking advantage of the tools and features in the 401(k) plan and are using our Investment Advice features to optimize their investment choices and thus maximize their potential retirement savings. 
 
On October 1st, we will introduce our new 20 investment Core Funds menu and the Alternate Investment Window, which is a brokerage service that provides participants access to the entire Mutual Fund Universe as well as more than 50% of the currently available ETFs (Exchange Traded Funds).

For additional details on Sodexo’s 401(k) program and other benefits we provide, click here: Sodexo Benefits