Familiarity may breed contempt, but it also makes you sloppy. Do you know plan sponsors that have forgotten they need to address these matters?
Tag "plan sponsor"
Before you scorn the use of badges, remember, the company match is the ultimate badge. If you meet a minimum savings goal, the company awards you a âbadgeâ of a matching contribution.
The mistaken promise of participation may have an all-too-familiar ring to corporate retirement plan veterans.
Here things get a little familiar for companies with pre-existing stand-alone 401k plans (but may need to be discovered by those without plans).
The biggest issue when it comes to access is cost. Itâs not just the plan sponsorâs sensitivity to higher costs. Itâs the service providerâs ability to keep those costs low.
In the end, this all comes down to one final concern, and itâs one that is typically not even considered.
Here’s something you don’t always see, but maybe you should.
Before you start to panic, take a deep breath and relax. The retirement savings industry is an aircraft carrier. It canât turn on a dime.
Today, the understanding of conflict-of-interest fees goes well beyond plan sponsors. Individual investors also understand how they can act as a better fiduciary for their own personal investments.
If you are responsible for 401k participant education or in any form of employee-based financial literacy program, you may want to adopt methods used by others who teach adults.
