Are you getting the best your 401(k) has to offer?

Do you read every update your employer sends about your retirement plan? Before you answer, let me make a confession: I don’t-and I work in retirement! We all have demands on our time. It’s just not possible to keep up with everything we feel we need to know.

My reason for asking is that depending on how long it’s been since you were hired, there may have been changes that reflect your plan sponsor’s latest best thinking about how to help employees save more, invest appropriately and plan for retirement spending. And that’s great news—as long you are benefiting from them.

There are a variety of reasons why certain plans put changes in effect for new hires only. That means if you’ve been with your employer since before the latest changes were made–you may need to take action to take advantage.

So what should you do? Even if you prefer to make your own investment choices, it’s a great idea to compare yourself against what your plan does for new employees. The defaults for new employees are probably posted online or available for the asking from your HR office. Once you have the details, here are a few things to look for: