Tony Novak profile picture
  "AskTony" column archive        


Most Popular

AskTony Archive

This Web site contains a compilation of more than a thousand consumer finance  columns written by Tony Novak from the 1980s through 2006, updated and reformatted for maximum usefulness today.  New material was added after 2010.

Content is the opinion of the author and does not represent the position of any other person or entity. Information is from sources believed to be reliable but cannot be guaranteed.

The author is paid for product endorsements and has an ownership or other financial interest in the businesses related to the topics covered.

New questions

Submit consumer finance questions at and health insurance questions at

Sponsored by: Insurance Exchange - your source of valuable information on state and federal health reform benefits.

Core Health Insurance - America's favorite mini-med insurance  with affordable premiums, freedom to choose providers, optional PPO discounts and guaranteed eligibility regardless of medical conditions.

Please support the Web sites that make publication of AskTony services possible.

401(k) plan review

originally posted: 9/26/2006  revised: 11/23/2010

Q: How often should I update my company's 401(k) plan documents?

A: Generally this should be done every few years but due to recent changes most 401(k) plans should have already been updated this year to take advantage of the latest features. If not, then schedule an inexpensive plan review to point out the areas that need change. There is a good chance that if your plan documents are not up-to-date, then there are other deficiencies or areas of improvement that need your attention. See the article "401(k) Plan Review Checklist" at for more information.

Recent 401(k) plan changes mean that all plan documents should be updated this year.

More resources:

401(k) plan review checklist (currently being udated: available on request from OnlineAdviser)