Participant Education is King
401K plans are perhaps the most popular retirement savings options for employees & employers in the United States. So it is imperative for plan advisors and sponsors to educate plan participants to avoid litigation and ensure compliance with ERISA, DOL, and other statutory regulations.
Why 401k Participant Education is Vital for Plan Sponsors
A Plan Sponsor has many responsibilities. A good advisor can assist by helping the plan to reduce fees and meet fiduciary obligations. Ultimately the goal of the plan and the Plan Sponsor is to help set their employees up for a well-funded retirement
Higher Education Plan Sponsors See More Demand for Participant Investment Help
A recent study on higher education plans from Voya found 43% of plan sponsors say motivating employees to save adequately and invest wisely are the top challenges in helping their employees prepare for retirement.
Participant Direct Connects You With Plan Members
Do you know that more than one-in-five participants have no interactions with their plan providers throughout a year? Based on the report published by J.D. Power, there are 29% of the plan participants who unaware of the access to professional financial advice related to their plan.It is truly astonishing to see such a disconnect between the participants and plan providers. According to the same report, approximately 40% of surveyed plan participants ranked their relationship with the plan providers to be either indifferent or dissatisfactory.
Improve Plan Sponsor Conversion & Increase Revenue with ParticipantDirect
How Does This Help You? How This Helps Participants? How This Helps Plan Sponsor? We always explain to our clients that Larkspur-RiXtrema apps have two goals: Help you win more...Read More
Recent Study Shows 401k Participants Aren’t Sure of Their Own Portfolio Allocations
In a recent article by PlanSponsor.com, they referenced a survey by Legg Mason that reports that many 401k participants are in the dark of their own portfolio allocations. According to...Read More
The importance of explaining 401k-related calculations to plan participants
It is often difficult to keep up in the modern fast paced world. Many people sign up for their company’s 401(k) plan and then do nothing, thinking that the plan...Read More
Reasons Why 401k Participants are Dealing with Financial Stress
In a recent plan participant survey by OneAmerica, the results are clear that many participants are having financial stress, and not all of it has to do with saving for...Read More
How to Avoid 401(k) Theft in 2023
According to a Javelin 2019 survey, 14.4 million participants became victims of identity theft in 2018. Every plan sponsor should take care of this problem beforehand to avoid a serious risk to their plan participants.
The One Thing You Must Do As a Retirement Plan Advisor
If you’re managing one or even several 401(k) retirement plans, it’s important to know what services plan sponsors really want and expect you to provide. Providing desired services obviously helps...Read More