Defined contribution plans are only effective when participants contribute enough to adequately fund their own retirement. When you encourage your plan participants to increase their deferrals you, your plan, and your participants may all benefit. There are many ways that you can combat participants’ lack of understanding about retirement needs, long-term benefits of contributing more and commitment to regular saving.
At John Hancock we can help and offer the following solutions you can customize to your needs:
Educate on the power of deferral increases
Promote your employer match
Encourage goal setting