A typical retirement plan (Photo credit: pixonomy)

Is your employer shortchanging you on your 401(k)-type plan?

You could be missing some essential features and not even know it. Here are four key questions to ask:

* Does your employer have a generous contribution match? Actually, there is no law saying that they have to match any amount of your 401(k) deduction or offer a retirement plan at all. But the most common match is dollar-for dollar on the first 6 percent of employee deferrals, according to AonHewitt, a benefits consultant, with only 19% of companies being that generous. Previously, the most common match was 50 cents on first 6 percent.

* Are you offered a Roth 401(k) option? This is a great idea, mostly because all 401(k) withdrawals are fully taxable. With a Roth, you don’t pay any tax on withdrawals — if held within a certain time frame. The drawback is that you have to pay tax on Roth contributions. There’s no tax taken out on 401(k)-type plan contributions.

Why do Roths make sense? If you think you’re going to be in a high tax bracket during retirement, or you just think income taxes will be higher, Roths can reduce your tax liability. About half of employers offer Roths, up from 11 percent six years ago.

* Do You Have Target Target -Date Funds? Nearly all employees offer them now, the AonHewitt study found. These all-in-one funds allow you to make one choice. They package a number of mutual funds that reduce your exposure to the stock market as you get closer to retirement.

But don’t confuse a target-date fund with a guaranteed annuity. They could lose value in stock — or bond — market dips. And you may need to boost your stock allocation if you change your retirement date.

* Can You Opt Out of Company Stock? This is one of the most dangerous propositions in about 14 percent of plans surveyed. Your retirement contributions go into one security. That’s incredibly risky. Even if you think you know your company well and think it has a bright future, you need to be diversified in index funds that give you a sampling of the entire stock or bond markets.

John F. Wasik is an investor advocate, journalist, speaker and the author of Keynes’s Way to Wealth. Timeless Investment Lessons from the Great Economist and 13 other books.