A recent newsletter from the Summit Group of Virginia featured an article regarding the “Top 5 Retirement Plan Resolutions Your Company Needs.” Their suggestions are:
- Make sure your plan advisor has knowledge and familiarity specifically with retirement planning, not just with general investments
- Your Plan’s Committee should be about more than just the investments in your Plan. Broaden the focus to include all the different aspects that can affect your Plan including such issues as participation levels, average deferral rates and plan costs.
- Set goals to improve your plan
- Benchmark your plan’s fees and services. Summit Group’s suggestion is to send out a full Request for Proposal every few years to compare your current contract with what the industry offers in your area.
- Change it up a little. To get results and improve participation, do something different with your participant education programs, investment tools or investment offerings to gain the attention (and improved participation) of your employees.