401k Education Topics are not One Size Fits All

401k Education Topics are not One Size Fits All

401k education topics connect with employees in a variety of ways.   Be it technology, online courses or in-person training, 401k education topics are here to stay.  After a recent Plan Sponsor University (TPSU) Fiduciary Education Program at Fordham University Law School Mr. Fred Barstein, Founder and CEO of TPSU interviewed Celeste, Human Resources Generalist at a manufacturing firm which has approximately 135 FTE.  Among the topics discussed were the different methods that can be used when delivering a variety of 401k education topics, such as, savings, financial wellness or investments.

Full Transcript Here

This is Fred Barstein with 401K TV here at Fordham Law School where we just completed a GPSU program, and I am here with Celeste, Welcome Celeste.

Hi, how are you?

Okay if we ask you a few questions?

Sure.

Very good. Before we do, introduce yourself, and a little bit about you and your organization and your role.

Sure, my name is Celeste, and I’m currently employed as an HR generalist at a manufacturing company. And the current location I work at has approximately 135 full-time employees.

Right. So one of the concerns that you talked about in the beginning, when we [inaudible 00:00:48] introduces the difference that you see with manufacturing and corporate America. So tell me what your concerns are as you came into a manufacturing organization.

Okay, well, from experience with corporations I find they took more ownership about controlling their retirement, investing, and their decision making. And going into a manufacturing environment, I find that in general, they are lower paid positions.

Right.

It’s more difficult for them to be retirement savvy if you will. They don’t really take the time to ask the appropriate questions or even to know where to go for further information, should they need assistance. And I’m generally concerned because many of these workers are on the younger age, and if you don’t invest early on, their money might not develop and grow the way that they want it to in the future.

So how do you… you know, did you learn anything or hear anything like how you can engage them and help them? Because when they’re young they may be living paycheck to paycheck, right?

Exactly, which is another concern that we have. So well, I’m trying to employ more employee engagement, if you will. We’re taking more time to have on-site educational programs for them to be savvier with what decisions and what’s available for them. We also have kiosks available so that they can go online and take some online courses or reach out to our advisor, if you will, directly, should they have personal questions or concerns.

I just think education is going to be the real onset here. The earlier we can get them engaged, understanding the long-term ramifications of not saving, the better off they’ll be.

So it may even just make them aware they’re responsible for saving.

Oh, absolutely, absolutely, because you can offer all of this information, but if they’re not willing to partake and really take control of that, it’s going to be their fault down the road, which is not going to make us feel well, because we’re trying to make the best opportunity for our participants.

So, final question. A couple of things you picked up that you may want to take back?

Well, employee engagement is key. And I really want to make sure that our executives are on board with any new, progressive plans that we’re going to project going forward.

Plan design?

Plan design. I want to review our plan documents to make sure that everything is in compliance and in order. And just try to be as available to both the executive board and the employees to figure out how I can liaison everyone together to meet a common goal.

Great. Those are all great things to do. Thanks for your time today, on 401-

Well, thank you.

Thank you.

I really enjoyed the class.

Thank you. And thank you for watching 401K TV.

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