Increase Participation
How do you know if you're getting the best participation in your retirement plan? We can help you discover ways to increase your plan's participation.
Through a Participation Study, we'll identify trends or possible deficiencies in your plan. Then we'll recommend options for increasing plan participation.
We'll break down results by salary and age or gender of the participants. By analyzing different variables, we'll pinpoint areas in need of improvement. For example, we could illustrate:
- The number of employees deferring at different percentages
- Average deferral percentages
- Current investment of retirement funds
- Member investment directions
Find out how our years of experience in helping companies increase participation levels can help you too. We provide:
- Illustration of current plan participation. Using simple, colorful graphs, you can get the number of eligible employees versus the ones contributing, broken down by:
- Highly compensated versus non highly compensated
- Age
- Salary
- Location
- Job category
- Analysis of results, identifying any subgroups of the plan that are not fully participating
- Personalized suggestions for increasing plan participation. For example, we might suggest you:
- Increase your matching contribution
- Offer different investments
- Change your plan's vesting schedule
- Allow for plan loans or hardship withdrawals
- Provide illustrations to show potential results of suggestions for example, illustrate an increased match
- Let plan members direct their own investments
- Educate employees on the benefits of participating in the plan, saving for retirement and deferring income
- A follow up second study to see if the changes worked
Let us help you with your specific needs. Send us a message to find out how we can help you evaluate your retirement program's plan participation.
