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Plan Health: Here’s why you’re here



To assess plan health, comprehensive Annual Plan Reviews continue to be of value, and plan providers are developing more concise versions of the report — offered on paper or online. According to the Lincoln Financial Group study, You are here: Understanding financial wellness, retirement readiness and plan health, plan sponsors use plan health data to get quick, timely updates on employee retirement preparedness levels and to help meet their goals by leveraging data to make informed plan design decisions.

Next steps for plan sponsors

  1. Review year-over-year trends to identify patterns and opportunities.

  2. Compare your plan by industry, asset size, and number of participants to set competitive goals.

  3. Work with your provider to optimize participant data to help limit assumptions and provide more accurate reporting.

  4. Continue to monitor traditional success measures — balances, contribution rates and diversification — while adding new metrics, such as income replacement rates.

  5. Work with your plan provider, advisor or consultant to prioritize the aspects of your plan health data that are most valuable to you; reporting will be more valuable with your input.



To learn more about this research or to begin developing your organization’s action plan toward optimal plan health, please get in touch by calling (800) 388-1963 or e-mail us at hbs@hanys.org.

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