In March of 2020 Wellspring conducted an informal survey of CFO’s and CHRO’s to discover what was most needed in 401k plans. We asked what was going well for employers and there were many things going well. We also asked what needed to be better. We heard things like:
- We need to see better nondiscrimination testing results.
- Employees need to save more.
- We need to find a way for employees to save more than allowed by the current plan limits
- Our plan is doing well, it benchmarks above average, but it still does not provide everything they need for retirement
What we discovered were two important points that we already knew, and our survey confirmed. And these are two critical points for you to understand if you want to make your workplace savings plan the best it can be. The solution for your plan is to break the mold of benchmarking your plan against averages. Your employees are individuals and they have individual planning needs. Wellspring Financial Partners will provide: