The 2024 401(k) Champion® Competition Is Now Open

Financial Literacy Initiative Promotes 401(k) Education & Participation.

STAMFORD, CT, UNITED STATES, September 9, 2024 /EINPresswire.com/ -- The sponsors of the sixth annual 401(k) Champion^® Award today announced a national search for three 401(k) participants to be named 401(k) Champions^® for 2024. The competition opens today, the Monday following National 401(k) Day (September 6, 2024).

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.

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 questions: “If you were to advise co-workers on why they should contribute to (and/or maximize) their 401(k)s, what would you say?” and “What actions might you take to inspire non-participants to participate in the 401(k)?” Judging is anonymous; that is, applicants’ identities are unknown to the judges.

The online application is available at https://401kchampion.com. The deadline for submitting applications is Thursday, October 10, 2024. Winners will be announced on Monday, November 4, 2024. All 401(k) participants are invited to apply as soon as possible: don’t delay.

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 that 401(k) participation offers.

To break through hurdles, it became clear to financial literacy proponent Julie Jason, JD, LLM, the 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 or she can afford to participate.”

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 own experience with their 401(k)s,” elaborated Ms. Jason.

The importance of maximizing 401(k) contributions cannot be understated. As Christopher Orlando, a 2023 401(k) Champion^® said: “After college and starting my career, [at] my first job that offered benefits, I maximized their 401(k) match[es] immediately to get as much going as possible . . . the sooner you have a sizable amount saved, the sooner you see your compounding dividends.”

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 Hayden Tank, a 2023 401(k) Champion^® said: “It was through problem-solving with peers who were going through the same struggles that I started to finally put the pieces together that I had been collecting throughout my life…I want to be a resource to help people set their futures up for success.”

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^®. There is no cost to apply or compete.

For help, visit https://401kchampion.com/for-employers/ to download a flyer with information about the 401(k) Champion^® Competition.

Nominations: Employers can also nominate 401(k) participants who exhibit characteristics of a 401(k) Champion^® at https://tinyurl.com/ymxj8mdp. The deadline for employers and others to submit nominations is Monday, October 7, 2024.

Employers are invited to speak to Ms. Jason directly about the competition and their 401(k) education challenges (email julie@juliejason.com).

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, October 10, 2024. See the official rules at https://401kchampion.com for more details.

More Information About the Sponsors

Jackson, Grant Investment Advisers, Inc. (Stamford, CT), 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 Ms. Jason, visit 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). Ms. Jason also contributes to Forbes.com, where she writes about retiring securely. Follow Ms. Jason at https://www.forbes.com/sites/juliejason. 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 an independent fiduciary boutique founded in 1992. The firm has managed retirement portfolios through four bear markets and five bull markets. The firm is registered with the U.S. Securities and Exchange Commission and functions as investment counsel, a type of registered investment adviser that organizes and manages customized portfolios for its clients. The firm is not in the 401(k) business. https://jacksongrant.us/. Tel: 203-322-1198.

Oscar Barbour
Jackson, Grant Investment Advisers, Inc.
+1 203-322-1198
oscar@juliejason.com
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