The benefits administrator for a 65-person manufacturing company attending a TPSU program held at Rice University explains the importance of having a Spanish speaking enroller for her 401k plan beyond the obvious language benefits.
Being able to identify with the workers, the enroller explains to workers that the cost of saving for retirement is the cost of a six-pack of beer highlighting the importance and even the consequences of their choices. As a result, more workers are joining the 401k plan.
Many enrollers and defined contribution providers use the analogy of foregoing a latte at Starbucks as a way to highlight the cost of saving which likely would not resonant as well with the Hispanic audience.
Adults don’t trust experts learning more from peers. You can imagine how workers from various cultures, especially first-generation workers, will relate to someone not like them and not conversant in their language or culture dressed in a suit will appear. Plan sponsors should rely more on their common sense and instincts when designing and implementing their 401k or 403b plan like the one attending TPSU held at Rice has done.
The benefits administrator came to TPSU because like many other people running their company’s defined contribution plan, they have limited support or colleagues to bounce ideas off of at the company. She enjoyed the breakout sessions where groups of four to five plan sponsors gather over lunch to discuss what’s working and not working for them. Groups are organized by company size as they are more likely to share the same issues.
But as good as peer to peer interaction may be, plan sponsors also need to hear from industry leading experts. At TPSU in Houston, a leading ERISA attorney from a money manager located in NYC flew in to speak about potential implications of the DOL fiduciary rule. And, as with all TPSU programs, it is led by a local elite plan advisor best suited to help plan sponsors because they understand the local culture and unique needs of companies in that area.
TPSU will conduct 70 program in 2017 around the country – there is no cost to attend unless plan sponsor pursue their Certified 401k Plan Fiduciary (C(k)PF) designation afterwards. For more information about a program near you go to The Plan Sponsor University website under “Program Schedule”.
