Your best thinking; the broadest impact.
You help plan sponsors provide a thoughtfully designed defined contribution plan, with a carefully selected default option and matching contribution designed to encourage savings and help build retirement security.
You also provide education and other resources to help participants understand how much more they may have to do to enjoy a secure retirement.
But you wonder if you are reaching everybody. Or you’ve run analytics on participant data and discovered that a significant segment of a plan’s population is not on track for retirement readiness. Perhaps the plan sponsor is concerned that legacy populations have been left behind, potentially raising fiduciary concerns.
Reenrollment is a powerful (and surprisingly flexible) tool that can help you bring your best thinking and recommendations to the broadest number of participants, and can be tailored to meet a number of goals and resources. By creating a new baseline for savings and diversification, it can help plan sponsors more efficiently manage a heterogeneous workforce into retirement.
Every plan is different and every reenrollment will pursue its own objective. Through BlackRock’s extensive experience assisting plan sponsors on either full or partial reenrollments, we have five identified key reenrollment considerations.
In the White Paper, you will learn about topics like:
- Tailoring reenrollments to meet specific goals and create efficiencies
- Streamlining investment menus or reducing fees by leveraging economies of scale
- What participant-level data analysis may reveal that can be addressed in reenrollment
- How reenrollment can improve the plan’s overall fiduciary standing
- Factors to consider in determining whether reenrollment makes sense for a plan
- How reenrollment can improve a company’s financial wellness culture
- And More…