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 "David Swallow"
![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)
![7 Opportunities 401k Plan Sponsors Have To Improve Plan Efficiency And Effectiveness](https://fiduciarynews.com/wp-content/uploads/2024/05/eye-1435565-660x395-1-505x306_c.jpg)
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.
![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 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.
![401k Plan Sponsor Fiduciary Fears Differ From Retirement Advisers Concerns](https://fiduciarynews.com/wp-content/uploads/2023/01/Money-jinyun-xBuu23uxarU-unsplash-660x395-1-scaled-505x306_c.jpg)
Documentation, due diligence, and other formal compliance matters are critical to reducing the fiduciary liability of 401k plan sponsors. But ultimately, they are responsible for safeguarding the assets of plan participants.