
Successful 401(k)'s all have one
thing in common, their sponsors understand 401(k)'s aren't about investing,
they are about outcomes which is living comfortably in retirement. Instead
of focusing on getting their participants to retirement, successful
401(k) sponsors want to help their employees through retirement as well.
In our daily operations, BIG, Inc. deals with a diverse group of people from
CEO's, CFO's, HR or benefit professionals to Presidents, business owners and
management committees. They all have different wants, needs and expectations
as to how their plan should run. But in surveying these groups, four areas
repeatedly came up as the areas that cause the most problems but drive the
success of a plan.
1) Service
2) Communications
3) Fiduciary
4) Investments
SERVICE - regardless of plan size, the majority of our clients believe that
the central measure of success is having employees feel confident about
their prospects for a comfortable retirement.
COMMUNICATIONS - helping participants make better decision by having timely
information and guidance empowers participants to make the right decisions.
Simplifying communications in terms a participant can understand
streamlines operations.
FIDUCIARY - fiduciary responsibility help protect the interests of
participants and sponsors alike. Understanding and following a prudent
process assures participants that the sponsor is always looking out
for their best interest.
INVESTMENTS - sponsors get hung up on one investment over another, or the
cost of one versus another. If participants do not understand their plan and
investment options, they are not going to use them properly.
Benefit Investment Group Inc. - Professional 401(k) Managers - Consultants - Administrators