PLANSPONSOR - June/July 2021 - 33

BEST PRACTICES | PLAN MANAGEMENT
plan sponsors are thinking about wellness;
they're thinking about the participant
experience. They're thinking about
how to integrate their health benefits and
how to keep retirees' assets in-plan. "
Some plans use their adviser for
wellness, for example, while others use
their adviser and their recordkeeper. Still
others use a standalone provider. The
plethora of options reflects an increasingly
complex environment.
" It can be overwhelming for plan
sponsors, " says Kathleen Dulko, a Certified
Public Accountant (CPA) and Certified
Plan Fiduciary Advisor (CPFA) with
Ashford Investment Advisors in Daytona
Beach, Florida. " They've been bombarded
recently with all of these new features and
new offerings and new services and new
plan types and arrangements. "
For some plan sponsors, that
constantly changing amalgam of providers
makes it harder for them to focus on their
core mission and plan values, Dulko says.
Here is a look at how and why the
retirement ecosystem is changing-and
how sponsors can make sure they have
the right team of providers for their plan.
A New Focus
On Post-Retirement
After decades concentrated on helping
plan participants accumulate assets for
retirement, plan sponsors are taking a
more comprehensive approach, looking
for ways to guide participants through
not only the saving phase, but also the
spending phase in retirement.
To that end, more providers now
offer income solutions aimed at keeping
retired participants in the plan and
making it easier for them to start safely
drawing down their assets. However,
choosing the right solution is not as
straightforward as simply putting
everyone in a target-date fund (TDF).
" The industry has done a good job
with accumulation, getting people to save
more and generally put it in the right asset
allocation, " says Kevin Collins, head of
retirement plan services at T. Rowe Price,
in Baltimore. " But helping people pull
money out can't be a single product built
for the majority. It's going to be a combination
of products and services built for
the individual, based on his preferences
and the reality of his situation. "
What this means for plan sponsors:
Asset managers are increasingly partnering
with insurance firms to include
annuities or other in-plan income options
as part of their offerings. Plan sponsors

PLANSPONSOR - June/July 2021

Table of Contents for the Digital Edition of PLANSPONSOR - June/July 2021

2021 Plan Sponsor of the Year Winners
2021 Recordkeeping Survey
The Right Provider Team
For the Best Collaboration
2021 PLANSPONSOR Service Stars
PLANSPONSOR - June/July 2021 - Cover1
PLANSPONSOR - June/July 2021 - Cover2
PLANSPONSOR - June/July 2021 - 1
PLANSPONSOR - June/July 2021 - 2
PLANSPONSOR - June/July 2021 - 3
PLANSPONSOR - June/July 2021 - 4
PLANSPONSOR - June/July 2021 - 5
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PLANSPONSOR - June/July 2021 - 9
PLANSPONSOR - June/July 2021 - 2021 Plan Sponsor of the Year Winners
PLANSPONSOR - June/July 2021 - 11
PLANSPONSOR - June/July 2021 - 12
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PLANSPONSOR - June/July 2021 - 19
PLANSPONSOR - June/July 2021 - 20
PLANSPONSOR - June/July 2021 - 21
PLANSPONSOR - June/July 2021 - 2021 Recordkeeping Survey
PLANSPONSOR - June/July 2021 - 23
PLANSPONSOR - June/July 2021 - 24
PLANSPONSOR - June/July 2021 - 25
PLANSPONSOR - June/July 2021 - 26
PLANSPONSOR - June/July 2021 - 27
PLANSPONSOR - June/July 2021 - 28
PLANSPONSOR - June/July 2021 - 29
PLANSPONSOR - June/July 2021 - 30
PLANSPONSOR - June/July 2021 - 31
PLANSPONSOR - June/July 2021 - The Right Provider Team
PLANSPONSOR - June/July 2021 - 33
PLANSPONSOR - June/July 2021 - 34
PLANSPONSOR - June/July 2021 - 35
PLANSPONSOR - June/July 2021 - For the Best Collaboration
PLANSPONSOR - June/July 2021 - 37
PLANSPONSOR - June/July 2021 - 38
PLANSPONSOR - June/July 2021 - 2021 PLANSPONSOR Service Stars
PLANSPONSOR - June/July 2021 - 40
PLANSPONSOR - June/July 2021 - Cover3
PLANSPONSOR - June/July 2021 - Cover4
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