6 Retirement Plan Features That Matter Most
Does your company's retirement plan deliver the convenience, security and flexibility that you and your employees value? Here are important features to keep top of mind when evaluating your retirement plan provider.
A well-designed retirement plan not only benefits your employees but also contributes to the overall success and stability of your business. If your current plan is falling short of meeting these collective needs, it might be time to explore your options to simplify administration, deliver on security and make saving for retirement easier for participants.
Making smart retirement plan choices
Choosing the right plan is one of the most important decisions an organization can make. It shows commitment and support for your workforce, which in turn contributes to a better employee experience.
So why not offer them more of the features they need — while making your job easier, too?
Here are the top features that separate the average retirement plan provider from a true retirement plan ally:
Single sign-on and a mobile app.
One password, one solution. Imagine easy access to a single portal for employee payroll and benefits information to help simplify your role, while making it easy for plan participants to check their balance, update their savings preferences, and more.
Accessible and knowledgeable support.
When plan challenges pop up, you need the support of tenured service representatives to help you along the way. From one-on-one relationship management to experienced service managers, plan administration should be easy and stress-free.
Integration between payroll and retirement solutions.
Worry-free integration with payroll is essential to maintaining your plan's compliance while saving you time and money. It's ideal if your payroll and retirement plan platforms share critical plan information in real time simplifying plan administration and keeping data secure in one ecosystem.
No proprietary investment options.
Unbiased investment selection means you have independence from any one fund family. It's an objective approach — free of outside influence — so you really can find the best fit for your employees and your organization.
Uncompromising security.
No matter the size, your company's sensitive payroll and retirement plan data should be stored in a provider's secure data ecosystem. The more providers you engage, the greater the risk your data may be compromised. Choosing a provider that manages both your payroll and benefits keeps personal details in one ecosystem.
Personalized employee insights.
When you understand the unique needs and wants of your employees, you can truly customize your retirement savings plan to align with their expectations. Choose a provider that offers curated HR insights — from talent management to benefits — and leverages data from millions of U.S. workers to produce customized content for each eligible and participating employee.
The retirement plan experiences you've been searching for
In today's competitive job market, a comprehensive retirement plan is a must-have tool for attracting and retaining top talent. Choosing the right retirement plan should not be taken lightly.
At ADP Retirement Services, our team is committed to driving efficiency and helping organizations like yours work smarter, not harder. Learn how we stay ahead of the curve to reduce your administrative burden and free up your valuable time, so you can focus on your business and the people who keep it running.
ADP, Inc., and its affiliates do not offer investment, tax, or legal advice to individuals. Nothing contained in this article is intended to be, nor should be construed as, particularized advice or a recommendation or suggestion that you take or not take a particular action. Questions about how laws, regulations, guidance, your plan's provisions, or services available to participants may apply to you should be directed to your plan administrator or legal, tax or financial advisor. M-497482-2024-02-09
