The first thing plan sponsors can do is understand the plan, says Cornerstone Capital Advisor’s Mario Giganti.
In this interview titled “How to Ensure Optimal Employee Engagement” features an interview with Mario Giganti from Cornerstone Capital Advisors, conducted by 401(K) Specialist at the FI 360 conference in Nashville, Tennessee. The discussion centers around how plan sponsors can help their participants achieve better outcomes.
Key points from the transcript:
- Understanding the Plan: Mario emphasizes that the first step for plan sponsors is to understand their plan, including demographics, participation rates, deferral rates, and income replacement ratios. It’s crucial to look at the overall picture as well as by specific segments.
- Actionable Steps: After understanding the data, plan sponsors can pinpoint who needs help and work with record keepers to engage employees based on their age and situation, from young employees to retirees.
- Technology’s Role: Mario mentions that new technology allows for better data availability, revolutionizing conversations with plan sponsors.
- The Retirement Bullseye: Mario briefly talks about his book titled “The Retirement Bullseye,” which focuses on helping employers assist their employees in saving more, investing wisely, and retiring on time with a paycheck for life.