As a plan sponsor, enhancing retirement plan performance is vital for the benefit of both participants and the plan’s long-term success. Effective strategies to improve retirement plan performance include:
- Implementing automatic features, such as enrollment and deferral escalation
- Offering a diverse menu of investment options for participants of all investment levels
- Fee management, alongside transparent disclosure, helps control costs and protect plan fiduciaries
- Surveying your employees to gauge areas of interest and promote participation
- Adjusting the plan design such as changing matching contributions and vesting schedules encourage greater participant engagement
- Offering group and 1-on-1 plan education
One of the most prudent steps plan sponsors can take to improve retirement plan performance is engage a qualified retirement plan advisor. A financial advisor brings specialized expertise to the table, aiding in investment selection, plan design optimization, and guidance on navigating the complexities of retirement plans. They offer insights that help align the plan with participants’ goals, enhancing its effectiveness. By partnering with a knowledgeable advisor, plan sponsors can not only meet their fiduciary responsibilities more effectively but also create an environment where participants are better prepared for retirement. To learn more about how you can improve your retirement plan for your employees, contact the team at Innovative Investment Fiduciaries, LLC by calling (856)-242-3343 or emailing resources@iifria.com.
