401k Retirement Plan Deserves a Larger Benefit Allocation
401k retirement plan may be a better spend than some of the alternative insurance choices. When a plan participant considers overall benefits – frequently the 401k retirement plan receives “what is leftover” after other benefit spends. This occurs when the participant and the plan sponsor work through the benefit dollar allocations for the 401k retirement plan. At the conclusion of a Plan Sponsor University (TPSU) Fiduciary Education Program held at the Westminster College in Salt Lake City, Utah, TPSU Founder and CEO, Fred Barstein spoke with TPSU program Adjunct Lecturer, Kirk Welch of MRP Retirement, a Division of Hub International. Kirk brings an interesting concept to 401k retirement plan sponsors when working through the importance of the 401k retirement plan versus the many plan sponsor alternative benefit spends. Kirk shares the logic that many CFOs and CEOs fail to consider when considering benefit dollar allocations. Kirk points out that the 401k retirement plan is a benefit that will be used versus the many insurance products that a firm.
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