Capping off the final day of the PLANSPONSOR National Conference, Julie Doran, senior vice president of retirement plan advisory services, advocated for employers to work with partners, recordkeepers, and advisers in order to make the most impactful change.
Among common financial stressors for plan participants are the anxieties that come with trying to save for retirement, while simultaneously paying off debts, and especially student loans. Doran mentioned how collecting data from participants (such as how many workers are currently carrying student loan debt) can help plan sponsors construct an accommodating plan design with specific plan education, or even incorporate benefits such as student loan assistance programs.
Doran also discussed target-date retirement funds (TDFs). She explained how advisers, recordkeepers, and plan sponsors can gauge how participants comprehend this information, and how they can then provide employees with specifics on the plan and its data.
“Understand the demographics of your plan. Break it into different groups and see, based on age, how they respond to that data,” said Doran. “Tailoring the medium and message to these populations is a great place to start.”