Plan sponsors have a new position – in the driver’s seat – when it comes to shopping benefits for retirement plan services. Plan sponsors have a curiosity around, “Why is the integration of the qualified retirement plan into a total benefits package such a Hot Topic today?
One of the primary benefits of integrating a retirement plan into total benefits package is, it allows the company to offer a more comprehensive set of benefits to their employees. It looks better on paper; and it can result in having a better benefits package.
Additionally, when integrating retirement plans into the total benefits package, companies can streamline their administrative processes and reduce costs. This is particularly true for smaller companies that may not have the resources to manage multiple benefits plans separately.
This topic is also a priority for those who provide services to retirement plans! To learn how the convergence is being viewed by plan providers, watch the following interview of Fred Barstein, Contributing Editor of WealthManagement.com as he discusses with Bill Crager, Envestnet’s co-founder & CEO – the opportunities plan sponsors have and plan providers.
Combining retirement plans with other benefits such as health insurance, financial wellness, disability insurance and life insurance helps a company create a more attractive benefits package that meets the diverse needs of the workforce.