Improve 401k plan outcomes every chance you get. America’s retirement system has evolved over the years and most plan sponsors continue to seek ways to improve 401k plan outcomes. Many U.S. workers feel as though they are on-their-own when it comes to retirement savings. But Retirement Committee Members play an important role when helping plan participants. Sometimes the Retirement Plan Committee members just need a nudge or a little education. It can be like pulling teeth to get employees to focus on savings and stop spending. But it’s vitally necessary for their futures.
Workers who are fortunate enough to have the resources and inclination to save in a retirement are well served to participate. Nonetheless, plan sponsors and their Retirement Committee members are in the best position to improve retirement plan outcomes.
Plan sponsors need to work with what they have. In other words, do the best with what you have to work with. One can look at fees, investments or any number of quantifiable topics. But in many ways, the quality of a retirement plan reflects the knowledgebase of the Retirement Committee.
Plan sponsors must implement strategies and solutions that make the most sense for your organization, plan, and employees.
We do not mean to over-simplify this entire process, but it isn’t that complicated either. The task does not need to be daunting or overwhelming. There are resources available to help retirement committee members to Improve 401k plan outcomes. There are organizations such as Fiduciary Benchmarks, Brightscope, and of course, our own The Plan Sponsor University (TPSU) where you can gain knowledge for improving your retirement plan (see the video above for more information on how education your Retirement Committee).
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