Is your ministry retirement plan too complex and taking a lot of your administrative time?
If it’s too complicated for you, it will definitely be too difficult for your employees to understand. And if it's not easy for them to understand, then you are missing some important pieces.
So what are the key pieces that your plan may be missing?
Here are 3 steps that you can take that could make your retirement plan better:
Step 1: A proven firm to handle your third-party administration, your recordkeeping, and your investment advisory services.
Are you and your staff handling your plan's administration, recordkeeping, and investment selections alone or are your current providers actually helping and improving your plan and its participation?
Step 2: An excellent experience for your participants.
We know that only a small percentage of eligible plan participants actually take an active part in their plan. Why? Well, perhaps the plan is too complex. The harsh truth is that many participants don't understand retirement plan investments and how to invest their money. Participant education and communication are critical but they're still not enough. Even the best-designed investment plans fail if the enrollment process is too cumbersome. An easy enrollment system is one of the keys to a successful plan.
Step 3: A high-impact, efficient, and affordable plan.
While many service plan providers make this promise, there are few that actually deliver. When an affordable retirement plan is designed specifically for your ministry, that plan should offer investments with institutional pricing, great customer service, and auto features such as auto enrollment, auto increase, and qualified default investment options.
Is your plan missing any key pieces? Take a FREE 2-minute assessment online and discover if your existing plan meets your unique ministry needs.