We just spent the better part of a week in Orlando, Florida discussing ideas to grow community pharmacies in the future.  One of the most important things that we discovered is that pharmacy owners are not completely aware of everything about the pharmacy. This is from their perspective, the perspective of their employees and the perspective of their patients.  We are not going to get into all the details of this but we do want to bring up one place where there is an extreme lack of awareness.

Many pharmacy owners are not aware of the 401k plan that they have in place at the pharmacy. We know this because when we ask simple questions (i.e. What are the fees in the plan? or When is the last time your advisor sat down one on one with your employees?) they typically do not have an answer.  Increased awareness of your 401k (and your other benefits) can help you better understand how they impact your employees lives.  When this happens, they truly become a pharmacy benefit.

Also, being aware of the 401k plan and how it impacts your employees is becoming a focal point for the Department of Labor.  If a regulator walks into your pharmacy and starts asking you simple questions (like the ones above) and you tell them you don't know, then that is probably not going to look good in their eyes.  There have been thousands (maybe even millions) of dollars in fines in the recent years because of this lack of awareness.  We do not mean to scare you, but we want to make sure you are doing the things you need to protect yourself and your pharmacy.

Our mission at Waypoint and Pharmacy 401k is to help increase your awareness. One of the most important places to do this is in your company 401k.  Please email info@waypointus.com if you would like to increase your awareness with a simple 401k analysis.  It takes about 30 minutes to prepare the information for this and we will be glad to help you with this.

Thank you for everything you do and please remember to always focus on increasing awareness of your pharmacy, your employees, your patients and your benefits.

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The Waypoint and Pharmacy 401k Team