Make 2014 the year you increase retirement plan participation and reduce your company's fiduciary risk. ADP^® offers the following tips for employers to help make the most of their company's plan (see the expanded version in this infograph):

• Conduct a due-diligence analysis of your plan's fees. You may spot opportunities to reduce them.
• Review the health of your plan by examining savings rates by gender and age. See how participants are allocating their savings.
• Optimize your plan by offering options such as automatic enrollment, automatic rebalancing, and automatic deferral increases.
• Review your compliance testing results to make sure there are no unwelcome surprises in 2014.

The following tips can help you encourage employees to boost their retirement savings (also available in an expanded infograph):

• Encourage incremental increases. For example, if employees saved 4% of their salary in 2013, encourage them to bump it to 5% in 2014.
• Tell employees how they can save even more with your help. If your plan provides matching contributions, remind them.
• Suggest that they speak with a professional. Research shows that using a professional investment advisor improves an investor's confidence level in retirement decisions. If your plan provider offers this feature, urge employees to take advantage of it.
• Send reminders. Help employees stay on track by sending them mid-year reminders to increase their 401(k) contribution.
• Alert employees that they may be eligible for catch-up contributions. Employees over age 50 can contribute up to $5,500 more into their 401(k) account.