Retirement Plan Design
Choosing features of qualified retirement plans to maximize participant outcomes.
When it comes to employee outcomes and their ability to retire, more can be accomplished in the boardroom than in the breakroom; design of the retirement plan is the most important factor in a plan’s overall effectiveness. Independent studies and the Department of Labor agree that features such as automatic enrollment, automatic escalation, and default investment elections (QDIA) positively and materially impact participant outcomes and can also reduce fiduciary risk.
GBB 401(k) advisors believe plan sponsors should evaluate plan design holistically with a focus on aspects of design that can have the largest impact on the total employee population. We work with third party administrators (TPAs) and record keepers (RKs) to ensure that plan designs align with the plan sponsor’s goals for participant outcomes.