Improving a 401k Plan for Participants
Improving a 401k Plan for plan participants may be the 2019 strategy that takes your retirement plan to the next level. Improving a 401k plan by supercharging the 401k Plan can work to the benefit of every one of your Retirement Plan Participants. The Plan Sponsor University (TPSU) held a Fiduciary Education Program in Atlanta, Georgia at the Terry College of Business with TPSU Adjunct Lecturer, Brad Larsen leading the day. Among topics discussed during the half-day TPSU Program were the benefit of both Auto Enrollment and Auto Escalation of plan participant deferrals. During the concluding session of the TPSU Program, Session Five, the auto features were again highlighted as components of the TPSU Ideal Plan.
At the conclusion of the TPSU Program, TPSU Executive Director, Steff Chalk interviewed Francie Purnell, Corporate Director, Retirement Plan Benefits at a beverage distribution company that has a nationwide presence.
Ms. Purnell’s company has an unusual strategy around auto-enrollment, how they conduct annual re-enrollments and at what level they re-enroll plan-participants. Active-oversight of the 401k plan auto features, combined with the generous employer match prepares the company workforce to be able “to retire” when employees reach normal retirement age.
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