Fred Barstein with Plan Sponsor, Charlie – Director of People and Culture
Employee education is crucial in helping individuals comprehend the complexities of retirement preparation and lifelong income. Many employees lack the necessary financial literacy to navigate retirement planning effectively, making it essential for employers to provide educational resources. Through workshops, seminars, and informative sessions, employees can gain insights into various retirement strategies, investment options, and the importance of long-term financial planning. These initiatives empower individuals to make informed decisions about their retirement savings, fostering a sense of financial security and confidence in their future.
Guidance plays a pivotal role in steering employees toward suitable financial advisors and resources. Employers can facilitate access to expert advice, encouraging employees to seek professional guidance tailored to their unique financial situations. Whether through retirement plan providers or external financial advisors, personalized assistance helps employees align their retirement goals with practical, achievable strategies. By emphasizing education and guidance, employers contribute to a workforce that is better equipped to navigate the intricacies of retirement planning, ensuring a more secure and fulfilling financial future for employees.
During The Plan Sponsor University (TPSU) Fiduciary Education Program held in Drake University in Des Moines, Fred Barstein, CEO and Founder of TPSU and 401kTV, interviews Charlie, a plan sponsor attendee. Charlie is the Director of People and Culture for a company with around 250 employees in seven different states. She discusses the challenges her company faces in managing a 401k plan they inherited without proper training. She highlights the lack of formal education and the impact of losing a knowledgeable account manager. Charlie emphasizes the importance of education and guidance in helping employees understand retirement preparation and lifelong income.
Read the Full Transcript Here:
Fred Barstein:
Greetings. This is Fred Barstein, CEO and founder of TPSU and 401kTV. I am here on the campus of Drake University in Des Moines. Just completed a TPSU program. And one of our plan sponsor attendees, Charlie. Charlie, welcome. And okay if we ask you a few questions?
Charlie:
Absolutely.
Fred Barstein:
Okay. Before we start, tell us a little bit about yourself.
Charlie:
My name is Charlie, as you said, Fred, and I work for a company of about 250 employees that are located in seven different states. And I’m the director of People and Culture.
Fred Barstein:
People and Culture. That’s a great title.
Charlie:
Yeah.
Fred Barstein:
In the program you mentioned, some of the issue around training, can you explain that to our audience and how it affects you and how it hurts you?
Charlie:
Absolutely. Really, we somewhat inherited a 401k plan, and my management team had much more experience and exposure to 401ks. In fact, in a previous life, he audited 401ks and I think there was an expectation that we all understood, the ins and outs of administering the program. So we were just given it. And there was really no formal education. We did have a wonderful account manager that would answer our questions very quickly, but unfortunately he moved on. And so losing that conduit of information and a resource really left us on an island. And we were talking earlier, you really don’t know what you don’t know. And another reason why I wanted to come today is it is our responsibility to provide information and to educate, but to a point, direct them to a proper financial advisor, but to help them understand how to truly prepare for their retirement and lifelong income, I believe is what we talked about a lot of today.
Fred Barstein:
Right. Well, it’s why we started TPSU, just for that. Final question, a couple of things you learned today that you’ll take back?
Charlie:
The auto enroll and auto escalate was a big part of our round table conversation as well. I had researched Secure 2.0 a little bit, but so much better and more information from our adjunct lecture. Brian Thompson today was very, very helpful. And I think just the panel and conversation was really insightful.
Fred Barstein:
Great. Well, thanks for your time today, Charlie. And thank you for watching 401kTV. Stay tuned.
