PLANSPONSOR - April - May 2022 - 12

UPFRONT
To Set Correct Plan Goals, Know Your Staff
lower-paid employees, he adds. " Make sure
you look at the participation and saving
rates of lower-income workers-coupled
with the saving rates of higher-income
workers-and be sure you don't take a onesize-fits-all
approach, " Tatum says.
A sponsor can also improve its plan
by aligning eligibility dates for benefits.
" When workers
see all of their
benefits go live
at the same
time, they're
more apt to
continue to
participate ... "
This can help increase retirement savings,
particularly for plans that use automatic
enrollment, he says. " When workers see
all of their benefits go live at the same
time, they're more apt to continue to
participate, as opposed to [when seeing a]
benefit kick in at a later date, " Tatum says.
Whatever programs and improveWHEN
sponsors set goals to improve
their plan, they should tap their partnerships
with the plan recordkeeper and
adviser, according to industry experts.
It
is typical for a plan sponsor to
set two or three plan goals in a calendar
year, though this varies, says Richard
Tatum, president of retirement services
at Vestwell. Whereas plan sponsors had
" traditionally " concentrated on improving
overall average participant saving and
participation rates, many are now examining
a broader set of goals, Tatum says.
12 PLANSPONSOR.COM April - May 2022
" We are starting to see that many sponsors
and advisers are looking at plans
more in depth, [according to] different
populations, because many
have a very diverse workforce, " he says.
Examining workplace demographics
helps the sponsor set achievable goals, he
says. " What they want to see is the plan
working for each demographic group in
their company " and also for workers across
the income spectrum, Tatum says.
Plan sponsors want to know more
about their employee population, notably
Art by Tilda Rose
companies
ments the sponsor decides to make should
be explained to participants clearly;
communications should be simple and
easy to understand, Tatum says. The
sponsor must also ensure that the nuts
and bolts of the payroll operations system
can handle the changes, he says.
Yet a further consideration is the
timeline, says Greg Adams, a consultant
at Fiducient Advisors.
Most plans he works with will pursue
an annual goal that is targeted and specific,
he says. " It could be something along the
lines of a financial wellness education
campaign, which we'd talk to our clients
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PLANSPONSOR - April - May 2022

Table of Contents for the Digital Edition of PLANSPONSOR - April - May 2022

INSIGHTS
INDUSTRY ANALYSIS
RULES & REGULATIONS
UPFRONT
The DE&I Lens
By Design
Things People Do
Leakproof Your Plan
The ESG Decision
When Retirees Stay in the Plan
PLANSPONSOR - April - May 2022 - Cover1
PLANSPONSOR - April - May 2022 - CT1
PLANSPONSOR - April - May 2022 - CT2
PLANSPONSOR - April - May 2022 - Cover2
PLANSPONSOR - April - May 2022 - 1
PLANSPONSOR - April - May 2022 - INSIGHTS
PLANSPONSOR - April - May 2022 - 3
PLANSPONSOR - April - May 2022 - INDUSTRY ANALYSIS
PLANSPONSOR - April - May 2022 - 5
PLANSPONSOR - April - May 2022 - RULES & REGULATIONS
PLANSPONSOR - April - May 2022 - 7
PLANSPONSOR - April - May 2022 - 8
PLANSPONSOR - April - May 2022 - 9
PLANSPONSOR - April - May 2022 - UPFRONT
PLANSPONSOR - April - May 2022 - 11
PLANSPONSOR - April - May 2022 - 12
PLANSPONSOR - April - May 2022 - 13
PLANSPONSOR - April - May 2022 - 14
PLANSPONSOR - April - May 2022 - 15
PLANSPONSOR - April - May 2022 - 16
PLANSPONSOR - April - May 2022 - 17
PLANSPONSOR - April - May 2022 - The DE&I Lens
PLANSPONSOR - April - May 2022 - 19
PLANSPONSOR - April - May 2022 - 20
PLANSPONSOR - April - May 2022 - 21
PLANSPONSOR - April - May 2022 - By Design
PLANSPONSOR - April - May 2022 - 23
PLANSPONSOR - April - May 2022 - 24
PLANSPONSOR - April - May 2022 - 25
PLANSPONSOR - April - May 2022 - 26
PLANSPONSOR - April - May 2022 - 27
PLANSPONSOR - April - May 2022 - Things People Do
PLANSPONSOR - April - May 2022 - 29
PLANSPONSOR - April - May 2022 - 30
PLANSPONSOR - April - May 2022 - 31
PLANSPONSOR - April - May 2022 - Leakproof Your Plan
PLANSPONSOR - April - May 2022 - 33
PLANSPONSOR - April - May 2022 - The ESG Decision
PLANSPONSOR - April - May 2022 - 35
PLANSPONSOR - April - May 2022 - When Retirees Stay in the Plan
PLANSPONSOR - April - May 2022 - 37
PLANSPONSOR - April - May 2022 - 38
PLANSPONSOR - April - May 2022 - 39
PLANSPONSOR - April - May 2022 - 40
PLANSPONSOR - April - May 2022 - Cover3
PLANSPONSOR - April - May 2022 - Cover4
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https://www.plansponsordigital.com/plansponsor/june-july_2019
https://www.plansponsordigital.com/plansponsor/april-may_2019
https://www.plansponsordigital.com/plansponsor/february-march_2019
https://www.plansponsordigital.com/plansponsor/december_2018-january_2019
https://www.plansponsordigital.com/plansponsor/october-november_2018
https://www.plansponsordigital.com/plansponsor/august-september_2018
https://www.plansponsordigital.com/plansponsor/june-july_2018
https://www.plansponsordigital.com/plansponsor/april-may_2018
https://www.plansponsordigital.com/plansponsor/february-march_2018
https://www.plansponsordigital.com/plansponsor/december_2017-january_2018
https://www.plansponsordigital.com/plansponsor/november_december_2017
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