Plan sponsors ought naturally to know how the plan addresses the needs of their business, but do they really know how to tweak the plan to improve outcomes?
Plan Sponsors
![5 Tips For 401k Plan Sponsors To Improve Retirement Saving Outcomes For Employees](https://fiduciarynews.com/wp-content/uploads/2024/06/tool-box-1238793-660x395-1-505x306_c.jpg)
![IBM’s New 401k Match Policy Isn’t What You Think](https://fiduciarynews.com/wp-content/uploads/2023/11/match-devin-avery-ZsgPd6ovNag-unsplash-scaled-505x306_c.jpg)
Eliminating the match and investing a large portion of retirement savings in bonds creates a risk. It may cause the retirement savings to go down in flames.
![How Can 401k Plan Sponsors ‘Trick’ Employees Into Saving More For Retirement?](https://fiduciarynews.com/wp-content/uploads/2023/10/halloween-pexels-toni-cuenca-619420-660x395-1-scaled-505x306_c.jpg)
In the spirit of the season, one might even think of this as “tricking” employees to save. Plans sponsors are already using these tricks.
![How 401k Plan Sponsors Encourage Employees To Save More For Retirement](https://fiduciarynews.com/wp-content/uploads/2023/10/save-money-pexels-maitree-rimthong-1602726-scaled-505x306_c.jpg)
Participation is one thing. It’s critical that retirement savers build on the momentum of participation and use that to increase the amount of dollars that get contributed to their article. How can plan sponsors facilitate this?
![How Can 401k Plan Sponsors Increase The Number Of Employees Who Participate?](https://fiduciarynews.com/wp-content/uploads/2023/10/Trophy-ariel-HkN64BISuQA-unsplash-scaled-505x306_c.jpg)
How strong an argument is there for auto-enrollment? Remember, the key feature of the 2006 Pension Protection Act was to encourage auto-enrollment. The SECURE Act has even stronger language.
![How 401k Plan Sponsors Can Onboard New Hires To Encourage Retirement Savings](https://fiduciarynews.com/wp-content/uploads/2023/10/new-worker-tim-gouw-bwki71ap-y8-unsplash-505x306_c.jpg)
These service providers bring in expertise and can engage the worker directly. Once set in place, the plan sponsor can step aside and let the system run on its own.
![Can 401k Auto-Enrollment Be Too High?](https://fiduciarynews.com/wp-content/uploads/2023/09/London-by-pexels-pixabay-415992-660x395-1-scaled-505x306_c.jpg)
The example the researchers chose was a British company. The fact the study was not conducted within the framework of the ERISA environment may call into question its relevance to plans in America.
![‘Forgotten’ 401k Accounts Study Criticized By Fiduciary Professionals](https://fiduciarynews.com/wp-content/uploads/2023/08/forgotten-1466432-660x395-1-505x306_c.jpg)
The challenge is plan sponsors often can’t determine if an account is forgotten until some triggering event. And by that time, it’s too late.
![Ideas From ‘Beyond Fiduciary’ Hint At The Future Of 401k](https://fiduciarynews.com/wp-content/uploads/2023/08/horizon-1458419-660x395-1-505x306_c.jpg)
The antiseptic compliance regime spelled out by the DOL and ERISA has to date defined fiduciary services. Perhaps, if we’re going to consider what is “beyond” that sterile definition, we might want to go back to the future. In a sense, rediscovering where “fiduciary” initially came from might suggest where it is headed.