PLANSPONSOR - February/March 2021 - 15
PLAN DESIGN | COVER STORY
ERVICE A
Plan design
changes that
can boost
retirement
outcomes
across
demographics
A
fter what was a tumultuous 2020 for many plan sponsors, now could be a good time
to re-evaluate your company's retirement plan design-does it still enable the plan to
achieve its objectives? says adviser Steven Glasgow, executive vice president - wealth
management at Janney Montgomery Scott LLC in Nashville, Tennessee.
" Now is as good a time as any to have a reset, " Glasgow says. " The first question is, 'Where
does our plan's performance, versus our aspirations, sit today?' And the second question is,
'What can we afford?' "
It makes sense to periodically re-evaluate plan design features, says Joe Brummel, managing
director of advisory firm Strategic Retirement Partners, in Prior Lake, Minnesota. " Plan design is
critical to every aspect of outcomes, and it's a conversation that never ends, " he says.
Two Preliminary Ways
Before rethinking plan design, it is helpful for the committee to determine the current design's
effectiveness. " Over the past few months, we've been working with sponsors to re-evaluate
their goals and objectives for their plan, and how they approach the employee experience, "
says Daniel Peluse, executive director of the retirement benefits advisors division at Wintrust
Wealth Management in Chicago. " We're asking, 'How do you see the 401(k) plan as part of the
overall benefits offering, and is it achieving those goals?' "
Brummel has developed a process for helping committees identify their values in relation
to their plan, their goals and objectives for the plan, and their priorities for achieving
the goals. All of this gets codified in writing, then reviewed regularly to see if anything has
changed. " We're asking them to think a little more deeply about what's important for their
plan, " Brummel says of clarifying their values.
Art by Andrea D'Aquino
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PLANSPONSOR - February/March 2021
Table of Contents for the Digital Edition of PLANSPONSOR - February/March 2021
Service for a Crowd
2020 PLANSPONSOR Best in Class 401(k) Plans
Shelter From a Storm
From Volatility to Stability
Are Annuities Good for All?
Regrowth Factor
When 'Herding' Helps
PLANSPONSOR - February/March 2021 - Cover1
PLANSPONSOR - February/March 2021 - Cover2
PLANSPONSOR - February/March 2021 - 1
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PLANSPONSOR - February/March 2021 - 13
PLANSPONSOR - February/March 2021 - Service for a Crowd
PLANSPONSOR - February/March 2021 - 15
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PLANSPONSOR - February/March 2021 - 19
PLANSPONSOR - February/March 2021 - 2020 PLANSPONSOR Best in Class 401(k) Plans
PLANSPONSOR - February/March 2021 - 21
PLANSPONSOR - February/March 2021 - 22
PLANSPONSOR - February/March 2021 - 23
PLANSPONSOR - February/March 2021 - 24
PLANSPONSOR - February/March 2021 - 25
PLANSPONSOR - February/March 2021 - Shelter From a Storm
PLANSPONSOR - February/March 2021 - 27
PLANSPONSOR - February/March 2021 - From Volatility to Stability
PLANSPONSOR - February/March 2021 - 29
PLANSPONSOR - February/March 2021 - 30
PLANSPONSOR - February/March 2021 - 31
PLANSPONSOR - February/March 2021 - Are Annuities Good for All?
PLANSPONSOR - February/March 2021 - 33
PLANSPONSOR - February/March 2021 - Regrowth Factor
PLANSPONSOR - February/March 2021 - 35
PLANSPONSOR - February/March 2021 - When 'Herding' Helps
PLANSPONSOR - February/March 2021 - 37
PLANSPONSOR - February/March 2021 - 38
PLANSPONSOR - February/March 2021 - 39
PLANSPONSOR - February/March 2021 - 40
PLANSPONSOR - February/March 2021 - Cover3
PLANSPONSOR - February/March 2021 - Cover4
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