401(k)
A 401(k) is a common workplace retirement savings plan that employers offer to their employees. It gets its name from the section of the tax code that created it. When someone mentions 401(k) experience on their resume, they usually mean they have worked with managing these plans, helping employees enroll, or coordinating with plan providers. Similar programs include 403(b) plans (for non-profits) and 457 plans (for government workers). Understanding 401(k)s is important for HR professionals because they often need to explain these benefits to employees and handle the administrative side of these plans.
Examples in Resumes
Managed 401(k) enrollment processes for 500+ employees
Coordinated annual 401(k) plan reviews with financial providers
Led employee education sessions about 401(k) benefits and investment options
Typical job title: "Benefits Administrators"
Also try searching for:
Where to Find Benefits Administrators
Professional Organizations
Online Communities
Job Boards
Example Interview Questions
Senior Level Questions
Q: How would you handle a situation where a major 401(k) provider wants to make significant changes to the plan?
Expected Answer: A senior professional should discuss steps like analyzing the impact on employees, creating communication strategies, managing the transition process, and ensuring compliance with regulations.
Q: What strategies have you used to increase employee participation in 401(k) plans?
Expected Answer: Should describe experience with automatic enrollment, matching programs, education campaigns, and measuring success through participation rates and contribution levels.
Mid Level Questions
Q: How do you explain 401(k) vesting schedules to employees?
Expected Answer: Should be able to break down complex vesting concepts into simple terms and demonstrate experience with employee communications about benefits.
Q: What are the key compliance requirements for 401(k) plans?
Expected Answer: Should mention non-discrimination testing, contribution limits, reporting requirements, and basic understanding of IRS and DOL regulations.
Junior Level Questions
Q: What is the difference between a traditional 401(k) and Roth 401(k)?
Expected Answer: Should explain basic differences in tax treatment and when employees might choose one over the other.
Q: How do you help employees with basic 401(k) enrollment?
Expected Answer: Should describe the enrollment process, explaining forms, deadlines, and basic plan options to employees.
Experience Level Indicators
Junior (0-2 years)
- Basic 401(k) plan administration
- Employee enrollment assistance
- Benefits documentation
- Provider coordination
Mid (2-5 years)
- Plan compliance monitoring
- Employee education programs
- Vendor management
- Benefits analysis and reporting
Senior (5+ years)
- Strategic benefits planning
- Complex compliance management
- Provider contract negotiation
- Program development and optimization
Red Flags to Watch For
- No knowledge of basic ERISA requirements
- Unfamiliarity with IRS contribution limits and regulations
- Lack of experience with benefits administration software
- Poor communication skills for explaining complex benefits
Related Terms
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