Navigating Retirement Plan Changes
As an employer, you share the responsibility for guiding your employees toward making decisions that will afford them greater financial freedom in retirement. But here’s the quandary: just as your workers look to you for financial guidance and advice, you must adjust to a sea change in plan regulation and administration.
Do the following issues look familiar to your retirement plan committee?
- New regulations that add to the complexity of administration
- Fiduciary pressures to provide prudent investment options
- Timely (and potentially complex) fee disclosures to your participants
- Outside advisors whose allegiances are split between plan providers and investment managers
- Watershed regulations that require greater transparency about disclosing relationships between plan sponsors and their advisors
- Employees who feel they cannot afford to save, but are being courted by your competitors through their benefits programs
- Concerns over your employees’ retirement readiness