The retirement industry is constantly introducing new products, technology and investment solutions. But are these the issues plan sponsors are most concerned about?
At a recent TPSU program at Penn State Great Valley in Malvern, Pennsylvania, 38 plan sponsors shared the everyday challenges they face managing their retirement plans. And their concerns weren’t necessarily about the latest industry trends.
401(k) loans, payroll integration, beneficiary designations, plan design and employee engagement were among the practical issues taking priority.
These responsibilities may not generate headlines, but they can create significant administrative burdens for employers already managing multiple roles with limited resources.
Many plan sponsors also struggle to take full advantage of the services their recordkeepers provide, while others continue searching for more effective ways to educate employees and encourage participation. The bigger question is whether advisors and providers are listening.
While the industry focuses on innovation, plan sponsors often need something simpler: practical guidance, fewer administrative headaches and solutions that make their jobs easier.
Read the full article for Fred Barstein’s perspective on why addressing everyday challenges may be the most important way to serve plan sponsors.
