It Starts at the Top

Long one of Philadelphia’s best places to work, this public/private not-for-profit approached us with a challenge. How do we maximize employee retirement outcomes and not only shoot for but also achieve 100% participation in the 401k plan?

Our response:

It starts at the top. Management had to not only talk the talk, but they also had to walk the walk and show their employees that they too were making the sacrifices (in this case deferrals) necessary to reach their retirement outcomes. They had to prove to their teams this wasn’t about optics, it was about retirement metrics.

The tools:

Automatic Enrollment @ 6% / Automatic Escalation to 10% / Targeted (Age-Banded) Quarterly Investment Education / One-on-One Objective Financial Advice / Safe Harbor Matching Structure, and an Annual Non-Elective Contribution between 7%-10% with a 6-year Vest

The results:

58 Employees / 100% Participation / Average Deferral Rates in excess of 7% / Average Account Balance over $150K

Case studies may not be representative of all clients results and are not indicative of future performance or success.