What do we mean when we say your retirement plan could be leaking? Well, there are features and costs to your plan that are reducing the account balances and benefits for your employees. Here are the three that we see most often: 1. Hardship distributions. A hardship distribution is a plan provision that allows an Read More…
We’re excited to talk about our free plan review offer today. This is a process where we examine the cost, services, and performance of your current retirement plan and do a live benchmarking to prepare it for other providers. What does benchmarking a retirement plan really entail? There are three main areas: cost, services, and Read More…
Today we are going to focus on your employees. Specifically, we will discuss how they can improve their investment outcomes. One of the things your employees can do is automatic rebalancing. This is a process to reallocate your assets within a portfolio to stay in line with predetermined percentages. Rebalancing makes sure that there is Read More…
Let me tell you a story about a recent meeting I had with a prospective client. I was asking them questions about their current retirement plan—what they liked and didn’t like, etc. They told me there were no issues and that they thought their plan was average compared to other plans. When they said “average,” Read More…
Welcome back to our ongoing series dedicated to you, the retirement plan sponsor, and your employees. Today we’re going to continue to focus on automatic features and discuss an option that can supercharge your employees’ savings over time. In the last two videos, we talked about automatic enrollment and automatic QDIA. Let’s assume these features Read More…
Are you saving enough for retirement? Does it feel like the amount needed to stow away for retirement is too much? It can sound like something hard to do when you hear a person should be contributing 12%- 15% of their salary toward their retirement account. This is especially true if you are accustomed to Read More…
Millennials have a reputation from some people in “older” generations of being entitled and sometimes lazy. Millennials will tell you they feel independent and confident they will accomplish their goals on their own terms. So how do we design retirement plans to get younger participants to start saving and increase their savings over time to Read More…
We all know we need to be saving for retirement. The Department of Labor (DOL) says we should be saving 12-15% of our income to replace 80% of our current salary for our retirement years, that 80% income replacement ratio includes Social Security. The 12-15% savings rate is assuming we are perfect savers, meaning we Read More…
When we meet with CEOs, CFOs and HR Directors we consistently hear what is most important to them in regards to their employees. They are trying to increase productivity, attract and retain talent and improve employee engagement. Here are a few reasons why an employer should care if their employees are financially well. Productivity This Read More…
One of the hardest aspects of working with new retirement plan participants is telling them they can’t retire when they want to, but one of the best aspects is being able to tell plan participants that it is possible to meet their retirement goals. We work with both types of plan participants—those who are proactive Read More…