Behavioral finance strategies improve the odds Generally speaking, we don’t encourage being shifty. But applying a few innovative moves in your 401(k) plan could result in increased retirement savings for your employees. That’s because, when it comes to money, subconscious perceptions can torpedo a plan participant’s success. Applying behavioral finance principles may help employees overcome [...]
Q: We keep hearing about participant lawsuits against 401(k) plans, and strive to do our best to avoid situations that could lead to one. Part of that is using prudent processes in the plan. We have asked our advisor and done some searching on our own, but haven’t been able to define what processes are [...]
Q: Our 401(k) plan is relatively small. Do we need to be concerned about fiduciary issues and lawsuits? It seems like there are bigger fish to fry! A: If your plan does not hold much money in assets, you are correct that ERISA enforcement agencies have bigger fish to fry. However, that does not mean [...]
If your plan uses electronic delivery of required disclosures to employees, you are likely simplifying the disclosure process, making information delivery more reliable and reducing plan administration costs, according to the Principal Financial Group. Principal’s Electronic Delivery of Participant Disclosure Materials is a guide for plan sponsors to the Department of Labor (DOL) and Internal [...]
