Problem Analysis/Overview

Defined contribution plans are only effective when participants contribute enough to adequately fund their own retirement. When you encourage your plan participants to increase their deferrals you, your plan, and your participants may all benefit. There are many ways that you can combat participants’ lack of understanding about retirement needs, long-term benefits of contributing more and commitment to regular saving.

At John Hancock we can help and offer the following solutions you can customize to your needs:

Solutions

Educate on the power of deferral increases

Even a small increase can have a big impact on your participant’s retirement savings

Promote your employer match

One of the primary reasons employees participate in a retirement plan is to take advantage of the employer match

Encourage goal setting

If participants can envision what their lives will be like in retirement, they can plan to reach that goal