TOP 20 Plan Sponsor New Year’s Resolutions for 2020

Saving money, exercising more and eating better are the top New Year’s resolutions among Americans in 2020, according to market research by YouGov. As more employees turn their focus toward personal improvement, effective healthcare and retirement plan management becomes more of a priority than ever.

Busy plan sponsors are now juggling spillover responsibilities from 2019 with new priorities and initiatives for 2020 – and organized, actionable goal setting is the key to success.

Here are Top 20 Plan Sponsor New Year’s Resolutions for 2020, plus resources to help them stick.

1.) Always act solely in the best interest of your employees

2.) Use Evaluation Tools to determine how your retirement plan(s) stack up

3.) Review and/or replace under-performing service providers

4.) Streamline and prioritize quarterly retirement plan committee meetings

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5.) Access our 2020 Plan Sponsor Report to see how your priorities compare

6.) Add a financial wellness program to your existing health & wellness plan

7.) Create better total rewards synergies between Ownership, Finance, and HR/Benefits

8.) Read your 408 (b)(2) and 404 (a) (5) fee disclosures

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9.) Focus on Fiduciary Education to get better trained on responsibilities

10.) Learn what your 5500 says about you (hint- if you have seen a recent uptick in prospect/sales calls, it is likely due to public red flags)

11.) Review enhanced retirement plan design features like the stretch match, QACA, auto re-enrollment, and auto escalation and the impact on your balance sheet

12.) Determine how The SECURE Act impacts you and your employees

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13.) Consider student loan repayment programs to help employees tackle debt

14.) Hold all vendors and partners accountable for the services outlined in their service agreement

15.) Work with an Elite Retirement Consultant ERC for your retirement plan advisory needs

16.) Work with an Elite Healthcare Consultant EHC for your Health & Welfare/Healthcare advisory needs

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17.) Attend a 2020 Retirement Plan Road Show Summit (Click here to see upcoming events!)

18.) Discover the current % of employees on track to retire on time and set that as a metric to improve

19.) Uncover the level of employee perceived benefit from your Total Rewards/Benefits package by surveying your employees or checking external rating sites ( Surveymonkey, Glassdoor )

20.) Upgrade your Total Rewards offering to win the Local/Regional/National/Global war for talent

Download the free checklist!

BRENT WILLEY