How can I help my participants become more financially ready for retirement?

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.

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