01/23/2023
Why Do You Need to Review Your Retirement Plan Options?
Attention Plan Sponsors:
Why Do You Need to Review Your Retirement Plan Options?
When you begin to offer retirement savings plans to your employees, you often choose a financial advisor that you know and trust. However, as your business grows and the years go on, the market changes, and new products become available.
As an employer, you expect your employees to be in good hands with the retirement savings options you have chosen. However, that does not mean that you can “set it and forget it.” You must stay on top of your company’s retirement savings plan options to ensure your employees receive the benefits they need. Therefore, you should review the options you choose on a regular basis.
How Often Should You Review Your Retirement Plan Options?
Business owners should review their retirement savings plan options at least once every three years. In three years’ time, you will have a good indicator of how your investment strategies are working, what you need to change, and what you need to keep. You will also have more choices relating to products and strategies than you may have had three years in the past.
As a result of this review, you may find strategies and options that are better for your employees. You may even find you can save money with changes made to the plan.
What Should You Look for When Reviewing Your Retirement Plan?
There are several factors to consider when you review your retirement plan options. Most importantly, you want to review your plan options to see if they meet your business’ and employees’ needs. You may want to review your investment strategy and whether the market is in a position to justify the strategies available to your team.
You should also review your fees associated with your plan options. You may be paying more than you should for services you may not need or use. Therefore, review what your plan costs and what benefits your employees receive. See if these benefits are the same benefits that your employees and business need three years later.
Finally, review your products. Ask your financial expert if there are other products that may be more helpful for you to reach your long-term goals and your employees to benefit appropriately.
It Is Good to Get a Second Opinion
If you have not had your retirement plan reviewed within the past three years, it is time to reach out to your financial advisor for a review. However, you may want to have your retirement savings account reviewed by another financial expert.
If you are looking for a second opinion or an annual review of your retirement savings plans, contact the financial advisors at Tanker Consulting Group. Our financial advisors will gladly review your retirement savings plans and help you offer the best plans to your staff at the best rate for you. Call us at (609) 922-0201 to schedule your review.