Companies and institutions that sponsor retirement savings plans work hard to develop attractive options that will encourage participants to save and invest for retirement. However, in spite of considerable efforts (and resources spent) to educate plan participants on the fund choices, the value of the benefit and company matches, employees are not taking full advantage of their plan and many are not feeling secure their retirement savings are adequate.
CHICAGO, IL – February 01, 2018 – PlanPILOT is pleased to announce it has been named as one of the 2018 PLANADVISER Top 100 Retirement Plan Advisers.
The PLANADVISER Top 100 Retirement Plan Advisers is an annual listing of adviser individuals and teams that stand out in the industry in terms of a series of quantitative measures. These include the dollar value of employer-sponsored retirement plan assets under administration (AUA), as well as the number of plans under advisement.
PlanPILOT was recognized in the “Large Teams With $3.5 Billion or More in Retirement Plan Assets Under Advisement” category.
A new legal filing could cause fiduciaries to rethink plan vendors’ use of participant data and these vendors’ cross-selling other financial products to plan participants.
A retirement savings plan, such as a 401(k) or 403(b), is a valuable employee retention and recruitment benefit. But sponsoring one takes a great deal of work and employees do not always fully understand the plan’s value or utilize its benefits. Meanwhile, you need to make sure the plan investment options are sound, diverse, and low cost while meeting participant needs. That means developing an investment policy statement and monitoring process that:
When asked why they did not participate in their employer’s 401(k) plan, 40 percent of respondents to a survey said they did not have time to enroll. Nearly an equal percent said they did not earn enough, and 19 percent cited the hassle of enrollment as the reason for non-participation. These concerns, as well as other factors, could be affecting the participation and retirement readiness of the employees of your organization. Here are a few ways you can address these common concerns and increase plan participation rates.