401k Plan Value Reaches Well-beyond Assets – Video
401k Plan Value Reaches Well-beyond Assets. At the conclusion of The Plan Sponsor University (TPSU) Fiduciary Education Program held at the University of Georgia Terry College of Business we interviewed Michelle Glover, a TPSU program attendee, and an experienced Human Resources Professional. Michelle has previously worked in the areas of Talent Development, Professional Mentoring and Leadership Development while working with a Fortune 100 Company.
In her position, one of the responsibilities she oversaw was in preparing the human capital of an organization for the future. This included identifying and developing the organization’s next generation of leadership. At the time, Michelle and her team viewed their role as one of being reactionary to situations and opportunities at hand.
The Role of the Company 401k Plan
In Michelle’s role, the management team had viewed the company 401k plan as just that, a plan. As occurs in many organizations, the 401k plan is overseen by an individual or a team of individuals in the Compensation and Benefits Department. The overall administration can be viewed as a task and a necessary component of an entire benefits package. In many companies, the 401k plan is viewed as an off-balance-sheet asset that carries little-to-no value to the sponsoring company. In many cases, there is no regard for how the 401k plan participant balances are supporting the organization.
The Ah-ha Moment Around 401k
After attending the TPSU Fiduciary Education Program, and learning the true benefits that can and do accrue to the sponsoring organization, Michelle has a broader view of the overall value that falls to a company that offers the 401k plan.
Michelle described it best, that the 401k plan should be looked at as a benefit for the organization, and not just as a retirement plan for the participating employee.
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