Plan sponsors face an increasingly complex retirement plan environment, from evolving legislation and compliance requirements to fiduciary responsibilities and plan design decisions. For many, the challenge is not simply having access to information, but understanding what it means for their plan and employees.
At a recent TPSU program at the Terry College of Business at the University of Georgia’s Atlanta campus, Fred Barstein, founder and CEO of 401kTV and The Plan Sponsor University (TPSU), spoke with Lori Clark, Senior Retirement Consultant at Marsh McLennan, about how she helps plan sponsors navigate that complexity.
Clark said one of her priorities is translating technical plan design and compliance issues into language that plan sponsors can actually use. Rather than relying heavily on industry terminology or IRS code references, she focuses on explaining concepts simply and using practical examples when needed.
For Clark, that ability to make complicated information understandable helps plan sponsors become more confident in their decisions and better equipped to support their employees.
Attending her first TPSU program as part of the lecture team, Clark also highlighted another benefit of the experience: peer interaction. Beyond the educational sessions, plan sponsors have an opportunity to hear how other organizations are approaching their retirement plans, exchange experiences and learn from one another.
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Fred Barstein: Greetings. This is Fred Barstein, founder and CEO of 401kTV and TPSU. We just completed a program here at the Terry School of Business, University of Georgia, at their Atlanta city campus, and I’m here with Lori Clark. Right?
Lori Clark: Yep.
Fred: Got that right?
Lori: Yes.
Fred: Okay, very good. Welcome, Lori.
Lori: Thank you.
Fred: Can we ask you a few questions?
Lori: Certainly.
Fred: Before we start, tell us a little bit about yourself and your firm.
Lori: I’m Lori Clark. I work at Marsh McLennan as a Senior Retirement Consultant.
Fred: Right here in Atlanta?
Lori: Here in Atlanta, yep.
Fred: One of the questions we always get is that there’s a lot to understand about fiduciary responsibilities, funds and everything else, and plan sponsors can be overwhelmed by all the intricacies. What are you seeing from plan sponsors, and how do you work with them?
Lori: I like to address plan design and compliance concerns because, with recent legislation and the complexity involved, I like to break it down into simple terms so they can understand it and use it to help their employees.
Fred: So, not using industry jargon or code sections?
Lori: Correct. I don’t want to talk over their heads. I try to put it into simple, layman’s terms.
Fred: And when you explain things simply, do they actually get it and understand it?
Lori: Certainly. If they don’t, I try to add an example or change the way I’m explaining it. Sometimes it’s natural for me to speak in IRS code, but I keep breaking it down to the level they understand.
Fred: This is your first TPSU program.
Lori: Yeah.
Fred: What do you think is the biggest benefit for a plan sponsor attending TPSU?
Lori: Besides the great education and speakers, it’s the interaction and the peer interaction. They’re able to talk to each other about their 401(k), their story and what’s happening for them.
Fred: I know you’re part of the lecture team, so thank you for supporting TPSU, and thank you for watching 401kTV.
