Many plan sponsors have hired an advisor to manage their fiduciary process, select their plan’s investments, and negotiate fees. As a result, a lot of 401(k) and 403(b) plans now have best-in-class investment line-ups and enhanced features.
However, when you look more closely, it’s clear the benefits of all this hard work haven’t been fully realized. In addition, plan sponsors have to address the ever increasing number of lawsuits and make sure they address litigation risk
There's a better way.
Simplify Retirement benefits plan sponsors advisors and employees by using technology and analytics to improve outcomes.
Our data-driven analysis looks at employee behaviors and how they are using the plan to identify the best ways to help
Our employee engagement strategy connects with employees proactively, giving them clear calls-to-action and personalized recommendations
We use digital solutions to measure employee, simplify plan information to help employees better understand what they need to do
By analyzing employee behavior, we can identify employees at risk and reach out to them proactively. We reduce risk by tackling problem areas like excessive fees and redundant funds
Our digital tools simplify what is complicated to employees so they can take full advantage of the plan
Increased Employee Satisfaction
Plan Sponsor will enjoy higher levels of employee satisfaction from the proactive outreach and personalized service. In addition, by helping more employees, plan sponsors will strengthen their fiduciary process and reduce their risk
Greater Adoption of Their Recommendations
Advisors will see more employees taking advantage of their plan design and investment recommendations. Advisors will also benefit from working with a strategic partner dedicated to helping employees achieve better outcomes and maximize their retirement plan experience.
Personalized Recommendations and Proactive Service
Employees will get the help they need, proactively. Our personalized recommendations will help them better understand their plan and take full advantage of its features, especially the investment line-up.
How can we help. Email us or give us a call.
The first step in evaluating any new engagement is to look at what’s working and what’s not. More than likely the program can still add value. The focus often shifts to how to increase engagement and get employees to better utilize the resources they probably aren’t taking advantage of.
Pinnacle works with the advisor (if the plan sponsor is working with one) to take inventory of the resources that are available to employees and evaluate how effectively they are being used.
We also do an analysis of the plan to identify participants who are at risk or who likely need help and proactively reach out to them.
Finally, the reporting and documentation that plan sponsors receive helps mitigate risk, by demonstrating the rigor of the Retirement Committee’s commitment to fulfilling is fiduciary responsibilities.
An essential part of the fiduciary process is documenting the steps that have been taken and the rationale behind the decisions the Committee makes. The Simplified Retirement program proactively identifies problem areas, like excessive fees which have been the focus of class action lawsuits. These findings are used to develop a communications and education strategy to get employees personalized calls-to-action and resources to remedy these issues.
Pinnacle provides Retirement Committees a comprehensive report and documentation of the outreach, employee engagement and results in case the plan sponsor ever needs to show what they did to address known issues.
