To make meaningful change in the retirementindustry, advisors and sponsors can work together to putthe needs of the participant first and help them achieve retirementsuccess. (Photo: Shutterstock)
"When a flower doesn't bloom, you fix theenvironment in which it grows, not the flower. __Alexander Den Heijer
Much like flowers need the proper environment to bloom, 401(k)plan participants need the right plan to thrive and achieve asuccessful retirement. Retirement plans need to be modernized toconsistently provide the structure for success, and enhancing thetax deferred contribution benefits of the 401(k) is key. This isrooted in four areas:
- Plan design strategies: Utilizing automatic enrollment andprogressive savings escalators
- A focus on retirement readiness and outcomes: Shifting the plansponsor oversight focus from fees and funds to meaningful results –participant retirement readiness
- Thinking outside of the retirement box: Embracing other QDIAalternatives, such as managed account solutions
- Facilitating a better process: Making it EASY for both theparticipant and plan sponsor
Understanding the past before charting a forward path
Before implementing any of these solutions, an understanding ofthe past is required. Looking at the evolution of the401(k) plan will inform us on how to improve it for the future.
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