One of the best feelings in the world is helping someone reach a goal. You’re helping your employees reach their retirement savings goals by offering a retirement plan. But do they know everything they need to know about it?
At McCabe & Associates, we’ve seen many companies suffer from what we call “low info flow” when it comes to transmitting information to their employees, sometimes even causing enrollment to suffer. In order to combat low info flow, we suggest the following steps be taken:
- Hold regular informational plan meetings: At least once a year, we encourage you to hold meetings where you discuss the makeup and benefits of your retirement plan. Oftentimes, your trusted advisor may host the meeting for you and be able to offer informed responses to any questions that might arise.
- Send communications throughout the year: Sending communications about your plan may not only help your employee plan enrollment, but also help them see the progress they’re making toward reaching their retirement savings goals.
- Connect your employees with an advisor: When it comes down to it, just putting money into a retirement plan isn’t truly enough to prepare for retirement. We liken saving for retirement to planning for a vacation. If you want to go away for a week, how much do you plan for it? Now what if your vacation lasted 30 or 40 years? It takes a lot of work and preparation! By providing your employees with contact information for your plan’s advisor, you’re offering them more opportunities to get their questions answered and get their retirement plans in order.
Are you suffering from low info flow? Find out how our advisors can help you manage your plan and help you avoid making this mistake.
At McCabe & Associates, retirement plan consulting is not a sideline business. Our advisors average over 30 years of experience in the retirement plan market, and we oversee over $125 million in retirement plan assets. In the end, our goal is to ensure your and your employees’ best interests remain at the forefront of each decision we make together.