Skip to main content

New Report Offers Tips for Improving Retirement Plan Participant Outcomes

Defined contribution plans are and will
continue to be a mainstay in the market. But, are they working?









Improving Participant Outcomes: An Action Plan for Plan Sponsors looks at some of the factors that plan sponsors should consider
when assessing the value of the retirement plan offered to their employees. It
also considers steps they can take to provide greater assurance that employees
will be able to generate sufficient income on which to retire.



According to the Investment Company Institute’s 2013
Investment Company Fact Book, at year end 2012, there was approximately $5.1
trillion invested in defined contribution retirement plans in the United States.
Recent regulatory changes have placed even greater responsibility on plan
sponsors, including heightened fiduciary responsibilities, fee disclosures, and
expanded audit and reporting requirements. However, little has been done to
ensure participants are any more prepared to retire. Are these defined
contribution retirement plans serving the purpose for which they are intended,
i.e., are employees on target to meet their retirement income goal? If the
intended purpose is not being met, what role does or should the plan sponsor
play to effect change?



Read Improving Participant Outcomes: An Action Plan for Plan Sponsors and start developing your action plan to improve participant
outcomes. If you have any questions about this white paper, or would like to begin talking
to a retirement plan advisor, please get in touch by calling (855) 882-9177 or
e-mail us at sbs@hanys.org.





Popular posts from this blog

Innovative employee retention strategies: 9 fresh ideas

Employee engagement and retention are pivotal in every sector, but they carry even more weight in the not-for-profit space, where resources are often limited. High turnover can be both costly and disruptive, impacting productivity and damaging morale. In an era of workforce evolution, to effectively retain their top talent, organizations must explore innovative employee retention strategies that go beyond conventional methods.  Engaged employees are distinguished by their higher productivity, motivation and loyalty, and they are more likely to stay with a company for the long term. Gallup recently updated its research article, The Benefits of Employee Engagement , finding that "low engagement teams typically endure turnover rates that are 18% to 43% higher than highly engaged teams."  In addition to turnover, disengaged employees negatively impact a company's financial health, with turnover costs averaging six to nine months of the departed employee's salary, accordin
Read more

Executive disability income protection program: C-suite FAQ

Implementing a comprehensive risk management strategy is imperative for C-level executives and senior management at HANYS member hospitals. One critical, but often overlooked component, is the executive disability income protection program. But what exactly is this program and why is it vital for high-income earners?   With increasing interest in executive disability income protection programs from C-suite executives, TruePlan Benefit and Retirement Advisors interviewed Bernard A. Gleeson, Director, Employee Benefit Services on Executive disability income protection programs FAQs.  What is an executive disability income protection program?  An executive disability income protection program (EDIPP) is a specialized form of disability insurance designed to supplement existing group disability plans offered by employers. These individual plans provide additional coverage beyond the typical monthly maximum benefit cap found in traditional employer-based offerings. By overlaying on top of g
Read more

Employer Q&A: What is Financial Wellness?

There is a significant gap between employees and employers regarding financial wellness programs, according to the Harvard Business Review . “80% of employees report being financially stressed. Only 28% of employers offer financial wellness programs,” the article states.   Similarly, Forbes highlights a 2023 Transamerican Institute study showing that 77% of workers consider financial wellness programs an important benefit.  With so much research on the need for these programs, what should employers do?  The first way employers can bridge this gap is to learn what financial wellness is and how it can improve an employee’s overall being. In this short Q&A, we introduce the topic and offer some essential tips to get started.  Q1: What is financial wellness?  A: Financial wellness refers to the sense of security a person feels about their financial situation in all aspects of their life. It means having control over day-to-day finances, being prepared for emergencies and having a plan
Read more