When was the last time your organization took a fresh look at its retirement plan? For many HR professionals and plan sponsors, it’s been a while — and that’s a missed opportunity. A well-run retirement plan isn’t just about avoiding compliance issues; it’s a powerful tool for attracting talent, retaining employees, and supporting long-term financial wellness.
A New Era of Retirement Plan Strategy
With recent regulatory updates like the SECURE Act 2.0, retirement plans have evolved. Features like automatic enrollment, enhanced catch-up contributions, and new disclosure requirements offer exciting opportunities to improve plan performance and participant outcomes — if managed proactively.
Rather than viewing compliance as a burden, forward-thinking organizations are using plan reviews to:
- Optimize plan design
- Ensure cost-efficiency
- Enhance participant engagement
- Strengthen fiduciary oversight
Five Key Areas to Review for Maximum Impact
Our analysis of hundreds of retirement plans has revealed five areas where a thoughtful review can make a meaningful difference:
1. Fee Transparency and Benchmarking
- Are you getting the best value for your plan services?
- Benchmarking fees ensures you’re not overpaying and helps fulfill fiduciary responsibilities under ERISA.
2. Investment Menu Strategy
- Is your investment lineup aligned with participant needs and risk profiles?
- A well-documented process guided by an Investment Policy Statement (IPS) helps ensure diversification and performance.
3. Plan Design Alignment
- Does your plan reflect your workforce demographics and business goals?
- Features like auto-enrollment, matching formulas, and loan provisions should be tailored to support both compliance and employee outcomes.
4. Participant Engagement
- Are employees actively participating and saving enough?
- Improving education and communication can boost participation rates and retirement readiness.
5. Administrative Processes
- Are your day-to-day operations consistent and well-documented?
- Reviewing procedures for loans, distributions, and eligibility helps ensure smooth operations and regulatory alignment.
The Strategic Benefits of a Healthy Retirement Plan
A well-managed retirement plan delivers more than just compliance — it creates real business value.
- Talent Attraction: 93% of employees consider retirement benefits when evaluating job offers.
- Retention: Organizations with strong benefits packages often see lower turnover.
- Productivity: Financially secure employees are more focused, engaged, and satisfied.
A Proactive Approach to Plan Optimization
Conducting a retirement plan review is a smart, proactive step. It helps you:
- Identify cost-saving opportunities
- Improve participant outcomes
- Strengthen fiduciary governance
- Stay ahead of regulatory changes
Ready to Elevate Your Plan?
Our team of retirement plan specialists can help you assess your plan’s health across key areas — compliance, cost, design, and engagement. You’ll receive actionable insights to enhance your plan’s performance and support your employees’ financial futures.
Let’s turn your retirement plan into a strategic asset. Schedule your Plan Health Review today: https://lp.rehmann.com/retirement-review
Securities offered through Rehmann Financial Network, LLC, member FINRA/SIPC. Investment advisory services offered through Rehmann Wealth, a Registered Investment Advisor. Insurance services offered through Rehmann Insurance Group. HLB is not affiliated with Rehmann Financial Network, LLC, or Rehmann Wealth.