PLANSPONSOR - March - April 2023 - 20
30TH ANNIVERSARY
No longer expecting employees to be skilled
investors, the industry now says teach them the
wisdom of saving, and show them how
L
ike many other industries, workplace retirement planning has undergone a digital transformation
during the past three decades, the results of which have profoundly affected the participant
experience. Participants have gone from quarterly paper statements via snail mail to having
on-demand access to their accounts 24/7. Their use of digital tools within their online account
portal along with a growing awareness that retirement outcomes are greatly self-determined have also
led participants to increase their engagement, as 401(k)s became the most popular retirement savings
vehicle for millions of workers.
" The big story over the past 30 years is the shift to 401(k) plans [from defined benefit plans] in the
private sector, " says Dan Doonan, executive director of the National Institute on Retirement Security
in Washington, D.C. " That shifted a lot of work to the workers, who needed to figure out what to save,
what income it will provide, and how to manage that money in retirement. "
In 1993, much of the communication from providers to participants still focused on explaining
how 401(k) plans worked and why employees should enroll in them, says Amy Vaillancourt, senior vice
president for workplace solutions at Voya Financial in Windsor, Connecticut.
" Early on, it was much more transactional, " says Jason Jagatic, head of workplace and global thought
leadership at Fidelity Investments in Providence. " There was more of a focus on just teaching individuals
the basics of investing and informing them why defined contribution plans were important. "
20 PLANSPONSOR.COM March - April 2023
Art by Karlotta Freier
http://www.PLANSPONSOR.COM
PLANSPONSOR - March - April 2023
Table of Contents for the Digital Edition of PLANSPONSOR - March - April 2023
INSIGHTS
PARTICIPANT ANALYSIS
RULES & REGULATIONS
UPFRONT
PLAN DESIGN
PARTICIPANTS
INVESTMENTS
PLAN ACCESS
GOVERNANCE
FIDUCIARY FORUM
INSIDE ANGLE
PLAN PROFILE
PLANSPONSOR - March - April 2023 - Cover1
PLANSPONSOR - March - April 2023 - Cover2
PLANSPONSOR - March - April 2023 - 1
PLANSPONSOR - March - April 2023 - INSIGHTS
PLANSPONSOR - March - April 2023 - 3
PLANSPONSOR - March - April 2023 - PARTICIPANT ANALYSIS
PLANSPONSOR - March - April 2023 - 5
PLANSPONSOR - March - April 2023 - RULES & REGULATIONS
PLANSPONSOR - March - April 2023 - 7
PLANSPONSOR - March - April 2023 - UPFRONT
PLANSPONSOR - March - April 2023 - 9
PLANSPONSOR - March - April 2023 - 10
PLANSPONSOR - March - April 2023 - 11
PLANSPONSOR - March - April 2023 - 12
PLANSPONSOR - March - April 2023 - 13
PLANSPONSOR - March - April 2023 - PLAN DESIGN
PLANSPONSOR - March - April 2023 - 15
PLANSPONSOR - March - April 2023 - 16
PLANSPONSOR - March - April 2023 - 17
PLANSPONSOR - March - April 2023 - 18
PLANSPONSOR - March - April 2023 - 19
PLANSPONSOR - March - April 2023 - PARTICIPANTS
PLANSPONSOR - March - April 2023 - 21
PLANSPONSOR - March - April 2023 - 22
PLANSPONSOR - March - April 2023 - 23
PLANSPONSOR - March - April 2023 - 24
PLANSPONSOR - March - April 2023 - 25
PLANSPONSOR - March - April 2023 - INVESTMENTS
PLANSPONSOR - March - April 2023 - 27
PLANSPONSOR - March - April 2023 - 28
PLANSPONSOR - March - April 2023 - 29
PLANSPONSOR - March - April 2023 - PLAN ACCESS
PLANSPONSOR - March - April 2023 - 31
PLANSPONSOR - March - April 2023 - 32
PLANSPONSOR - March - April 2023 - 33
PLANSPONSOR - March - April 2023 - GOVERNANCE
PLANSPONSOR - March - April 2023 - 35
PLANSPONSOR - March - April 2023 - 36
PLANSPONSOR - March - April 2023 - 37
PLANSPONSOR - March - April 2023 - FIDUCIARY FORUM
PLANSPONSOR - March - April 2023 - INSIDE ANGLE
PLANSPONSOR - March - April 2023 - PLAN PROFILE
PLANSPONSOR - March - April 2023 - Cover3
PLANSPONSOR - March - April 2023 - Cover4
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