Trucking School

Putting together and training a new Investment Committee for a retirement plan would be an essential first step.

The strategy would then include adding automatic enrollment into the 401(k) plan at 6% with automatic escalation up to 10%, as well as implementing a coordinated education plan to explain the new options available within the 401(k). This strategy would be designed to engage participants in saving for their own retirement in addition to the employer matching contributions.

Because participants weren’t responsible for managing their own investment allocation in the profit-sharing plan in the past, the entire plan should be re-enrolled into age-appropriate Target Date Funds to ensure participants have a diversified portfolio.

Multiple webinars for employees at remote locations would help them learn how to enroll in the 401(k) Plan. One-on-one consultations would also be offered to participants, with a number of employees expected to take advantage of this through phone appointments
and email communication.

It is also important to provide targeted financial wellness topics to participants both over 50 and under 50. The messages would be specific to the participants at different points in their financial lives. Additional webinars can be offered throughout the year to focus on financial wellness topics such as household budgeting, Social Security, Medicare, and college savings strategies.

Setting up meetings with participants (and their spouses) who are within five years of retirement and preparing sophisticated, personalized cash flow analyses using goal-based financial projections would help transition them into retirement.