Helping out with some savings resolutions for the New Year
Illustration by Jessica Hische
Welcome to 2010!
As the New Year begins, we are often of a mind to think about making a fresh start. For plan sponsors, you may well have established new goals for your retirement plan this year—a new threshold for participation, perhaps—or maybe you’ve just rolled out a new fund menu for your participants.
Some of you surely have undergone a change in providers, with all the new information, options, and—dare we say—confusion that almost inevitably follows change, however well thought through and communicated.
Whether your program has undergone change or not, it seems like a good time of year to help participants reexamine their savings goals—and perhaps even some of their "bad" retirement savings habits. To that end, we have compiled a short list of potential "resolutions" that you can discuss with your participants—resolutions focused on remedying common behaviors that show up time and again in industry data as the activities that cause the most damage to participant retirement savings security.
As always, I look forward to your feedback!
Nevin E. Adams