Construction

Automatic enrollment into the 401(k) plan, with automatic escalation, is recommended, as is the implementation of a coordinated education plan for both the ESOP and the 401(k). The strategy would create positive outcomes for plan participants by driving increased deferrals. Group meetings would be held multiple times throughout the year at each of the company’s five main locations, along with webinars for employees at remote locations. One-on-one meetings would also be made available to participants, allowing them to sit down with retirement experts to boost their confidence in their financial health. Targeted communications to participants older than 50 assist them in achieving their retirement goals. Helping participants retire on time would also save the company money in the long term by reducing the higher costs associated with employees age 65 and older. To help soon-to-be-retirees prepare for the transition, meetings with participants who are within five years of retirement, as well as with their spouses, would help couples make these important decisions together.