PLANSPONSOR Magazine – 21 Way to improve your company’s retirement program

“The only way to make it to the finish line is to save money,” says adviser Jason Chepenik, managing partner at Chepenik Financial in Winter Park, Florida.

Sponsors following best practices increasingly benchmark their participants’ savings progress to gauge whether they put away enough money for retirement. “Participation rate was the focus for the bulk of the past decade or more,” says Steven Dimitriou, managing partner at Mayflower Advisors LLC in Boston. “Everybody is starting to realize, ‘Oh, it’s really about retirement income.’”

Sponsors should benchmark participant savings at the plan level first, recommends Corby Dall, practice leader at Salt Lake City, Utah-based 401(k) Advisors Intermountain LLC. “That’s where it starts, where you create the ‘carrot,’ and it trickles down to the participant,” he says, alluding to the plan-level analysis that gives sponsors a chance to make plan-design changes to help participants.

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