Case Study: Accounting Firm

From disengaged to empowered: changing participant behavior through plan design and education


The Challenge

This regional accounting firm is concerned with the lack of participant engagement with the retirement plan they offer. There is no education strategy in place for plan participants, the firm isn’t working with a financial advisor, and they are concerned that participants are not taking important steps to help save for their retirement.

The Recommended Solution

A thorough needs assessment would help identify retirement plan providers that best
aligned with the employer’s objectives and produce proven results in effectively
communicating with plan participants. Through a custom request for proposal (RFP)
process, the client could then select a new provider for their plan. We recommended they:

  • Incorporate plan design changes to help motivate participant behavior, including
    automatic enrollment, automatic escalation, and a Roth deferral option.
  • Develop a participant education plan based on the investment committee’s objectives,
    then meet with employees to re-enroll them in the retirement plan, discuss their plans
    for retirement, and develop actions needed to reach their goals.
  • Hold one-on-one planning meetings with participants, as well their family members,
    for those participants nearing retirement, to improve financial wellness.


INDUSTRY TYPE: Accounting Firm

GEOGRAPHY: York, Hanover


PLAN TYPE: 401(k) Profit Share

One-on-one planning meetings should be held with participants, as well as family members, for those participants nearing retirement.

Learn more about our corporate retirement plan services.

Expected Results

  • Plan participants have taken important actions and are better prepared for retirement.
  • After enrollment meetings, participation increased.
  • Most participants attended a one-on-one meeting and took some kind of immediate action to increase their deferrals, select the Roth Deferral option, elect for annual automatic escalation, and/or select a target date or risk-based asset allocation strategy.

*Disclaimer: Each individual firm’s situation is unique. The case study illustrated is for educational purposes.

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