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Retirement Plan Strategy Will Help Everyone

Retirement Plan Strategy Will Help Everyone   

Retirement plan strategy can set the tone today that creates a long-term successful retirement plan.  When senior management is engaged in seeing the retirement plan from Date-of-hire to Retirement, the plan participants will likely experience better plan outcomes. However, engaging senior management can be difficult. At the conclusion of a TPSU program held at the location of Loyola University in the greater Baltimore, Maryland area, Fred Barstein, Founder and CEO of The Plan Sponsor University (TPSU), met with John, the Chief Operating Officer of a private educational organization.  John is responsible for approximately 168 employees – and with that comes the responsibility of getting employees ready-to-retire.  John chose to attend the TPSU Program to increase his general knowledge in the area of tax-qualified retirement plans. John feels strongly that since his organization offers the retirement plan benefit to employees, his organization needs to take the time and effort to promote the benefit for all. 

Full Transcript Here

Fred Barstein:
Fred Barstein with 401kTV at Loyola University just outside of Baltimore. We just completed a great TPSU program and I am here with John and welcome John.

John:
Thank you. It’s good to be here.

Fred Barstein:
Okay if we ask you a few questions?

John:
Sure.

Fred Barstein:
Okay. Before we do tell our audience a little bit about size of your organization and your role.

John:
We have 168 employees. I’m a chief operating officer there. It’s at a private school.

Fred Barstein:
Private school. Okay, cool. So one of the biggest issues that we face in order to improve our retirement plan is to get senior management engaged. So we love to have senior management come to our TPSU programs. Why did you come to this program? What were you hoping to learn?

John:
More just to increase my knowledge base as far as retirement plans go because part of it is just trying to get more employee participation in it and to be able to understand more like just the industry itself, what’s happening, especially since I just recently turned 50 so I’m even thinking more about retirement myself, but also just kind of understand more of things like the millennials, Generation Z. How are they interacting when it comes to the concept of retirement?

Fred Barstein:
Why is retirement important to your organization? Why do you emphasize it? Obviously you do, right.

John:
Right. Yeah, because we care about our employees, so I mean I’m involved in strategic planning for our whole school, so I’m always thinking long term. And that’s what I want for our employees also just because so many times it’s very, just the temptation of just thinking short term, people’s thinking is there and I want to be able to help increase that. I’d like to be able to say, “Hey look, there’s a benefit we’re giving. We’re giving away free money in a sense as far as doing employer matches.” So we’re trying to help people in that sense, especially in a school. School benefits a lot of times, are rich in benefits, but maybe lower on the compensation side, so we’re trying to-

Fred Barstein:
So recruiting and retention are big and then maybe being more productive, less stress. Is that, yeah. Okay, great. Well, a final question, just a couple of things you may want to implement when you go back to the office.

John:
Implementing, I definitely want to research this whole thing dealing with about student loans. It’s brought up, and debt. Yeah, just as far as, is that a potential mix? Depending of course, how Congress acts and all that but things like that. Plus we’re just reviewing our plan documents and to make sure is everything, there really in fit with our mission and so forth. So they’re the sorts of things we’re looking to do.

Fred Barstein:
Very good. Well, thank you. Thanks for your time and thank you for watching 401kTV. Stay tuned.

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