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Showcase Your Value With a Check-In on Measurement

There’s a lot to cover in your annual plan review with a plan sponsor. Make time in your meeting to discuss measurement and strategic planning.

Why is this an important topic and one of our 5 Moments of Truth? Because measuring the success of a plan can help your clients check that they’re fulfilling their fiduciary obligations, meeting participant needs and managing costs. Plus, it’s an opportunity to set yourself apart as you align with the right provider partners.

At your meeting, focus on these key items:

Current Plan ProvisionsPlan SuccessConsulting on Possible Plan Implementation
  • Eligibility/entry
  • Compensation
  • Contribution types
  • Distributions
  • Rollovers
  • Forfeitures
  • Participation
  • Deferral percentage
  • Account balance
  • Benchmarks
  • Terminated participants
  • Web usage
  • Change in eligibility/entry dates
  • Auto enroll/auto escalate
  • Loan provisions
  • Fee leveling

Expand your discussion by asking questions about the plan’s providers:

  • Did you receive information on how many of your employees are on track to replacing income at retirement?
  • Did your recordkeeper measure and report plan and participant results?
  • Did your third party administrator or recordkeeper recommend plan design strategies that could improve engagement?
  • Did your provider offer solutions to help ensure the plan is cost-effective?

Your clients’ answers can help you gauge their satisfaction with their providers — and recommend new ones, if it’s appropriate. Connect them to recordkeepers who offer tools to measure financial fitness at the plan and participant levels. Recommend TPAs who can consult on effective plan design improvements to increase engagement. With the right partners, you’ll have key information to effectively advise clients and make the best recommendations for plan participants.

Review all of the 5 Moments of Truth:

  1. Annual census
  2. Compliance testing
  3. Form 5500 and audit
  4. Delivery of required notices
  5. Measurement and strategic planning
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