PLANSPONSOR - September - October 2023 - 32
PARTICIPANTS
If the Goal Is Engagement
P
Steps to better outcomes for the plan next year
lan sponsors across the board are
looking for ways to boost participation
rates and contribution levels.
The methods they use to achieve those
goals, though, vary greatly depending on
the plan's demographics and design, plus
the sponsor's available resources.
For most plan sponsors, the process
of goal setting starts with digging into
data with the help of their recordkeeper
and adviser or consultants to see where
they might be
able
to
improve plan
engagement while also producing better
outcomes, says Chad Noorani, a retirement
plan consultant at Benefit Financial
Services Group in Irvine, California.
" If plan sponsors haven't received
a plan score card or report card from
their retirement plan providers, they
should reach out and ask for that, " says
Catherine Collinson, CEO and president
of the Transamerica Center for
Retirement Studies in Cedar, Rapids,
Iowa. " That would be a formal plan review
that includes a look at the investments as
well as things such as the contribution
rates, loan and hardship withdrawal rates,
participation rates and contribution rates. "
Recordkeepers may also be able to
share benchmark information about how
comparably sized companies in the sponsor's
and similar industries fare on those
metrics. The sponsor can further inform
its goal setting by gathering additional
data via employee surveys or focus groups.
" When plans look at their data,
they can often see areas that might be
problematic where they can focus, " says
Megan Yost, a senior vice president
and engagement
strategist
at human
resources and benefits communication
firm Segal Benz in San Francisco. " You
might see that you tend to have a population
of older employees that are getting
ready for retirement or thinking about
32 PLANSPONSOR.COM September - October 2023
Art by Simone Virgini
http://www.PLANSPONSOR.COM
PLANSPONSOR - September - October 2023
Table of Contents for the Digital Edition of PLANSPONSOR - September - October 2023
INSIGHTS
PARTICIPANT ANALYSIS
RULES & REGULATIONS
UPFRONT
Building Strength
2023 Defined Benefit Administration Survey
2023 Best in Class 401(k) Plans
If the Goal Is Engagement
Upgrading NQDC Plans
When to Amend?
PRTs’ New Notoriety
Continuous Improvement
PLANSPONSOR - September - October 2023 - Cover1
PLANSPONSOR - September - October 2023 - FC1
PLANSPONSOR - September - October 2023 - FC2
PLANSPONSOR - September - October 2023 - Cover2
PLANSPONSOR - September - October 2023 - 1
PLANSPONSOR - September - October 2023 - INSIGHTS
PLANSPONSOR - September - October 2023 - 3
PLANSPONSOR - September - October 2023 - PARTICIPANT ANALYSIS
PLANSPONSOR - September - October 2023 - 5
PLANSPONSOR - September - October 2023 - RULES & REGULATIONS
PLANSPONSOR - September - October 2023 - 7
PLANSPONSOR - September - October 2023 - 8
PLANSPONSOR - September - October 2023 - 9
PLANSPONSOR - September - October 2023 - UPFRONT
PLANSPONSOR - September - October 2023 - 11
PLANSPONSOR - September - October 2023 - 12
PLANSPONSOR - September - October 2023 - 13
PLANSPONSOR - September - October 2023 - 14
PLANSPONSOR - September - October 2023 - 15
PLANSPONSOR - September - October 2023 - Building Strength
PLANSPONSOR - September - October 2023 - 17
PLANSPONSOR - September - October 2023 - 18
PLANSPONSOR - September - October 2023 - 19
PLANSPONSOR - September - October 2023 - 2023 Defined Benefit Administration Survey
PLANSPONSOR - September - October 2023 - 21
PLANSPONSOR - September - October 2023 - 22
PLANSPONSOR - September - October 2023 - 23
PLANSPONSOR - September - October 2023 - 2023 Best in Class 401(k) Plans
PLANSPONSOR - September - October 2023 - 25
PLANSPONSOR - September - October 2023 - 26
PLANSPONSOR - September - October 2023 - 27
PLANSPONSOR - September - October 2023 - 28
PLANSPONSOR - September - October 2023 - 29
PLANSPONSOR - September - October 2023 - 30
PLANSPONSOR - September - October 2023 - 31
PLANSPONSOR - September - October 2023 - If the Goal Is Engagement
PLANSPONSOR - September - October 2023 - 33
PLANSPONSOR - September - October 2023 - 34
PLANSPONSOR - September - October 2023 - 35
PLANSPONSOR - September - October 2023 - Upgrading NQDC Plans
PLANSPONSOR - September - October 2023 - 37
PLANSPONSOR - September - October 2023 - When to Amend?
PLANSPONSOR - September - October 2023 - PRTs’ New Notoriety
PLANSPONSOR - September - October 2023 - Continuous Improvement
PLANSPONSOR - September - October 2023 - Cover3
PLANSPONSOR - September - October 2023 - Cover4
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