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?
Tag "auto-escalation"
This isn’t a compliance audit, it’s an operating efficiency audit. That covers plenty of ground, from technology to benchmarking the value offered by the service provider.
In the spirit of the season, one might even think of this as “tricking” employees to save. Plans sponsors are already using these tricks.
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?
Overall, nearly 1 in 5 companies still have not adopted auto-enrollment. There are common reasons why companies would not include auto-enrollment in their plans.
This week we’ll be focusing on those favorite features as judged by the retirement plan professionals we interviewed. Don’t be surprised if over the next few weeks you discover that one provider’s treasure is another provider’s trash.
How do we design and administer retirement plans?
Perhaps it’s time to cut the cord of “financial wellness” and take your tonic of financial reality. Accept the schoolmarm for the discipline she brings, because that remains the most honest way to the riches of a satisfying retirement.
Perhaps 401k plan sponsors should also focus plan participants’ attention on these 5 overlooked factors the can thwart their ability to attain the freedom of financial independence.
Aside from pep talks and infusing it into their corporate culture, don’t forget that much of what is needed can be built right into the plan.
