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Help improve retirement plan outcomes with insight from winning organizations

Recently, several Principal® retirement plan clients were recognized as finalists for and one named winner of the 2020 Plan Sponsor of the Year by PLANSPONSOR

By taking a closer look at these four organizations on this prestigious list, we see some common themes that contributed to their success. See what’s working for these organizations with the following insights we uncovered.

1. Stay engaged

Those recognized devote a considerable amount of time to discussing their plan and how to make improvements.

2. Consistent, customized communication

Because a participant nearing retirement has different concerns than a younger employee, frequently targeting communications based on life stage help make a big difference.

3. Make it automatic

Most on the list have used automated plan features in some way to help drive employee participation and deferral percentage increases.

4. Keep it simple

Some leaders of these organizations choose an all-in-one retirement solution including several plan types with the same service provider.

5. Change your view

While these organizations genuinely want their employees to enjoy a comfortable retirement, leaders consider the retirement program a way to stand out as an employer of choice, too.

Consider these winning company trends. Then log in to principal.com to see how your plan stacks up. If it’s time for a review of your retirement program, reach out to your financial professional.  

Principal Financial Group closed the acquisition of certain assets of the Wells Fargo Institutional Retirement and Trust business (IRT) on July 1, 2019. The transition, transfer, and conversion of IRT business operations, employees, and clients will occur over the following 12-24 months. During the transition period, Wells Fargo Bank, N.A., a bank affiliate of Wells Fargo & Company, will continue to operate and service the IRT business for the benefit of Principal®, including providing recordkeeping, trustee, and/or custody services.

Wells Fargo has not reviewed the content of the attached material and makes no judgment of its accuracy.

Plansponsor is not an affiliate of any member of the Principal Financial Group.

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