When you’re evaluating your retirementplan, how are you measuring its success? Many companies use a simple marker to evaluate a plan’s success: participation rates. However, the impact of a 401(k) plan is more comprehensive than that.

If your organization provides a 401(k) plan, what’s the next step to improving participation and your employees’ understanding of the plan?

Employee communication plays a critical role in the success of your company’s retirement plan and corporate benefits programs. Effective communication about retirement benefits is largely the responsibility of the plan trustees and human resources (HR) department, with support from the plan’s sponsor and financial advisor.

When your most recent hires became eligible for your company’s retirement benefits, most said they didn’t plan to participate. Out of several who were on the fence, only one actually enrolled in the 401(k) plan. In addition, several employees who were participating in the plan have stopped their contributions in recent months.

Just because your company has a 401(k) plan in place doesn’t mean it’s working well for your company and employees.

If you’re seeing any of the following seven warning signs, it’s time to seek an outside opinion and analysis of your 401(k) plan: