Surveys consistently show that retirement plan participants often do not understand or appreciate the corporation’s role in ensuring their future. Since one compelling reason for creating a retirement plan is to attract and retain talent, it seems that increased employee recognition and appreciation should be top priorities.
At PSI, we understand that continuing education is part of the package.
Employees’ peace of mind and job satisfaction are at stake. Retirement has become more complicated over the past few decades. Scare stories abound. Interactive seminars that allow employees to raise questions or concerns, and receive reliable advice on legal and financial matters are the equivalent of a significant non-cash bonus.
Moreover, even the most well-designed retirement plan can flounder if management and participants are not well-informed about the program, their role in it, changes, legal and tax ramifications, and other details.
Certainly there is good news to relate. More than 80% of workers are now covered by employer-sponsored plans; these plans are a major portion of Americans’ savings.
PSI’s educational seminars explain how participants may join– or continue to be involved– in this corporate success story.
More specific to their situation, participants in a corporate retirement plan want to learn about their plan’s objectives, framework, and of course, how it applies to them.
As time goes by, new participants need an orientation, and current enrollees require regular updates.
Typically, our general educational seminars address the following concerns:
- the need to plan ahead and save for the future
- ascertaining one’s future needs
- learning to invest or how to find investment advice
- potential sources of retirement income
- budgeting
- legal considerations
- life after retirement
Seminars can help explain the parameters of a given retirement plan, and answer some obvious questions. Who is eligible to participate? What are minimum and maximum contributions? What are the tax implications? What are the terms for withdrawal? Does the individual have any IRS reporting requirements? Are rollovers from previous plans allowed?
Our professional partners appreciate the fact that PSI has a deep well of knowledge and experience in this area which we are glad to share. From the most basic question (‘what is a 401K?’) to more complex issues, we help build a foundation of knowledge that will benefit our professional partners, their clients and, ultimately, plan participants.
Using printed materials, seminars, and one-on-one consulting, we help shed light on an essential but often mysterious aspect of the work life. At PSI, we have expertise to spare– and to share.