There is a great article on 401kspecialistmag.com that is a summary of a lengthy white paper about improving 401k participant outcomes. As a thoughtful gesture, I’ve composed this summary of the three primary areas for action steps to improve financial wellness in your workplace in 2020.
- Financial wellbeing
Identify the areas where employee financial stresses are occurring. Consider providing employees decision support tools or financial coaching. Employees favor in-person advice and guidance over webinars or handouts.
- Investment trends
Improve the quality of investments, asset allocation and reduce employee plan expenses to improve long term results. This includes delegating investment decisions to experts who are fiduciaries and willing to do the work to help participants.
- Plan compliance
Create an on-going process to benchmark for fee, fiduciary and service levels provided. Understanding what is available from providers and how it relates to what is currently in place is a best practice to adopt.
If you’d like to read the online summary, this is the link https://401kspecialistmag.com/action-steps-to-help-401k-participants-thrive-in-2020/.
Happy Holidays!!!
