When was the last time your organization took a fresh look at its retirement plan? For many HR professionals and plan sponsors, it’s been a while — and that’s a missed opportunity. A well-run retirement plan isn’t just about avoiding compliance issues; it’s a powerful tool for attracting talent, retaining employees, and supporting long-term financial wellness.Ìý
A New Era of Retirement Plan Strategy
With recent regulatory updates like the SECURE Act 2.0, retirement plans have evolved. Features like automatic enrollment, enhanced catch-up contributions, and new disclosure requirements offer exciting opportunities to improve plan performance and participant outcomes — if managed proactively.Ìý
Rather than viewing compliance as a burden, forward-thinking organizations are using plan reviews to:Ìý
- Optimize plan design
- Ensure cost-efficiency
- Enhance participant engagement
- Strengthen fiduciary oversight
Five Key Areas to Review for Maximum ImpactÌý
Our analysis of hundreds of retirement plans has revealed five areas where a thoughtful review can make a meaningful difference:Ìý
1. Fee Transparency and BenchmarkingÌý
- Are you getting the best value for your plan services?Ìý
- Benchmarking fees ensures you’re not overpaying and helps fulfill fiduciary responsibilities under ERISA.Ìý
2. Investment Menu Strategy
- Is your investment lineup aligned with participant needs and risk profiles?Ìý
- A well-documented process guided by an Investment Policy Statement (IPS) helps ensure diversification and performance.Ìý
3. Plan Design AlignmentÌýÌý
- Does your plan reflect your workforce demographics and business goals?Ìý
- Features like auto-enrollment, matching formulas, and loan provisions should be tailored to support both compliance and employee outcomes.Ìý
4. Participant EngagementÌý
- Are employees actively participating and saving enough?Ìý
- Improving education and communication can boost participation rates and retirement readiness.Ìý
5. Administrative Processes
- Are your day-to-day operations consistent and well-documented?Ìý
- Reviewing procedures for loans, distributions, and eligibility helps ensure smooth operations and regulatory alignment.Ìý
The Strategic Benefits of a Healthy Retirement PlanÌý
A well-managed retirement plan delivers more than just compliance — it creates real business value.Ìý
- Talent Attraction: of employees consider retirement benefits when evaluating job offers.Ìý
- Retention: Organizations with strong benefits packages often see lower turnover.Ìý
- Productivity: Financially secure employees are more focused, engaged, and satisfied.Ìý
A Proactive Approach to Plan OptimizationÌý
Conducting a retirement plan review is a smart, proactive step. It helps you:Ìý
- Identify cost-saving opportunitiesÌý
- Improve participant outcomesÌý
- Strengthen fiduciary governanceÌý
- Stay ahead of regulatory changesÌý
Ready to Elevate Your Plan?Ìý
Our team of retirement plan specialists can help you assess your plan’s health across key areas — compliance, cost, design, and engagement. You’ll receive actionable insights to enhance your plan’s performance and support your employees’ financial futures.Ìý
Let’s turn your retirement plan into a strategic asset. Schedule your Plan Health Review today: ÌýÌý
Securities offered through ÐÜèÊÓƵ Financial Network, LLC, member FINRA/SIPC. Investment advisory services offered through ÐÜèÊÓƵ Wealth, a Registered Investment Advisor. Insurance services offered through ÐÜèÊÓƵ Insurance Group. HLB is not affiliated with ÐÜèÊÓƵ Financial Network, LLC, or ÐÜèÊÓƵ Wealth.Ìý
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