What does it look like to deliver an exceptional 401k plan experience? To achieve success, you want to follow proven as best practices that help participants achieve retirement-readiness, and ones that are also fiduciarily sound.

It’s important to recognize that as an Association Executive you are most likely named as a Plan Trustee. According to the Employee Retirement Income Security Act (ERISA), Plan trustees are considered a fiduciary and must accept responsibility to preserve the assets entrusted to them on the behalf of the plan participants. Fiduciaries are expected to make fund-management decisions with the same professionalism as a prudent expert. As you examine the structure of your current Retirement and work to make improvements it’s advisable to work with a Retirement Plan Advisor or consultant that can help you make the necessary changes that will protect your from fiduciary risks and provide the most value. Below are several recommended strategies that can support a sound retirement plan experience for your Association:

Retirement Plan best practices

Perhaps the most critical factor to success is education. The key to a successful retirement program is understanding. Employees cannot fully appreciate benefits they do not understand and may not use or interact with. Employees can be frozen with uncertainty when it comes to enrolling and managing their retirement accounts. Work with your provider to deliver guidance and advice using innovation that offers employees clarity to help them take the next step. Be sure to deliver education across a variety of spectrums since employees have different learning styles and preferences. With a well-designed plan and a robust employee education strategy, you can be confident you are delivering an excellent retirement plan experience.

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