Top Questions for Retirement Plan Sponsors

This guide outlines essential questions that retirement plan sponsors should consider to ensure the effectiveness and competitiveness of their retirement plans. It emphasizes the importance of offering a valuable retirement plan to attract and retain talent, as many employees prioritize retirement benefits over salary. The document discusses the significance of employee participation rates and suggests that auto-enrollment and auto-escalation can enhance participation. It also highlights the growing popularity of Roth 401(k) plans and the need for employers to understand the costs associated with their retirement plans. Furthermore, the guide stresses the importance of financial literacy for employees regarding their investment options and the necessity for record keepers to provide user-friendly digital interfaces. Lastly, it addresses fiduciary responsibilities under the Employee Retirement Income Security Act (ERISA) and the need for plan advisors to deliver high-quality service. Overall, the guide serves as a comprehensive resource for employers to evaluate their retirement plans effectively.