How can I help my participants become more financially ready for retirement?
Published on: December 12, 2013
The key to helping participants become more retirement ready is to adopt a much broader mindset in regard to your plan. This mindset moves beyond investment options and fiduciary warranties and focuses on designing a plan properly to increase the likelihood of better retirement outcomes for participants.
Some of the tactics a plan sponsor/trustee can consider utilizing in order to help their participants become more retirement-ready include:
- Proper use of automatic features to get people in the plan and increasing contributions on a systematic basis
- Greater utilization of asset allocation models, as well as professional investment management
- More targeted and engaging participant communications that focus on participants’ income needs in retirement vs. current contributions
- A focus on plan monitoring and governance to drive plan efficiency and cost effectiveness.
← Back to Questions & Answers