What can plan sponsors do when adding or revamping a retirement plan that could make that plan more effective?
Some tactics don't work well, although at first look they appear to be slam-dunks: Explaining things in detail for employees: great. Overloading them with documentation: Not so great. Many of them don't bother to read it anyway.
Remember that people are loss-averse, so if you frame your materials to reflect how much they'll gain by saving, or how much they'll lose out on if they don't, it will be more influential.
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Marlene Satter
Marlene Y. Satter has worked in and written about the financial industry for decades.
