Insights

Use Plan Analytics to Evaluate Your Plan

Your retirement plan is a valuable resource for your employees and serves as a vehicle to attract and retain top talent. Ensuring plan success is crucial. Examining plan analytics can help evaluate its success.

Plan analytics you should explore:

  • Median age, tenure and savings rates of plan participants
    These analytics can be helpful to determine which age groups are not strongly participating and may be encouraged to do so via on-site meetings, focused mailings and other communication and education.
  • Participants not contributing sufficiently to receive all eligible employer match
    Participants “leaving money on the table” can be studied to explain why contributing to the employer match maximum is so advantageous (e.g., with a 50 percent match, participants automatically earn 50 percent “return” on their contribution before any investment gains occur).
  • Participants, by age, in each target date fund
    Another demographic that can be helped by focused participant communications.
  • Participants taking loans
    It is important for plan fiduciaries to determine if the plan loan provision is being abused. This can result in significant asset leakage with participants and oversight concerns for plan fiduciaries.
  • Loan default rates
    Loan defaults also create problems for participants (taxation & penalties for premature distributions) and plan fiduciaries (loan defaults at 90 days arrear are a fiduciary breach).
  • Dollar amounts of employee contributions by type and source
    These analytics allow for a deep dive into appropriateness of participant behavior potentially impacting plan menu design decisions, employee investment assistance, Roth utilization, TDF utilization and more.

Many factors impact the success of your plan. Studying your plan’s analytics helps you improve your plan and ensures your employees reach their retirement goals.

BGWA.2019.20

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Burnham Gibson Wealth Advisors, LLC, is an independent, privately-held firm offering financial planning and investment advice for individuals, and retirement plan services to corporations.

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Investment advisory and asset management services are offered by investment adviser representatives (IARs) through Burnham Gibson Wealth Advisors, LLC (Burnham Gibson), a registered investment adviser, and indirect subsidiary of Baldwin Risk Partners, LLC and BRP Group, Inc. Please note that although Burnham Gibson Wealth Advisors, Inc. is a “registered investment adviser”, readers should be aware that registration with the SEC or any state securities authority does not imply a certain level of skill or training. Additional information about the Adviser is available on the SEC's website at www.adviserinfo.sec.gov.

Burnham Gibson IARs are also, separately and apart from Burnham Gibson, registered representatives who offer securities through Equitable Advisors, LLC (NY, NY 212-314-4600), member FINRA, SIPC (Equitable Financial Advisors in MI and TN), as well as agents who offer insurance and annuity products through Equitable Network, LLC, which conducts business in CA as Equitable Network Insurance Agency of California, LLC, in UT as Equitable Network Insurance Agency of Utah, LLC, and in PR as Equitable Network of Puerto Rico, Inc. For more information about Equitable Advisors, LLC, you may visit https://equitable.com/crs to review the firm’s Relationship Summary for Retail Investors and General Conflicts of Interest Disclosure. Equitable Advisors and Equitable Network do not provide ERISA fiduciary, tax or legal advice and are not affiliates of Burnham Gibson, Baldwin Risk Partners, LLC and BRP Group, Inc. Individuals may transact business and/or respond to inquiries only in state(s) in which they are properly qualified. AGE-153660 (10/20) (Exp. 10/24)

Please note that any BGWA IAR holding the QKA (Qualified 401(k) Plan Administrator) and/or the CPFA (Certified Plan Fiduciary Advisor) professional designation does so only in his or her capacity as an IAR with BGWA and entirely outside of Equitable Advisors and Equitable Network. Neither designation reflects any Equitable Advisors or Equitable Network service or product offering. CERTIFIED FINANCIAL PLANNER Board of Standards Inc. owns the CFP® and CERTIFIED FINANCIAL PLANNER™ certification marks in the U.S., which it awards to individuals who successfully complete the CFP Board's initial and ongoing certification requirements. The CLU®, ChFC®, Chartered Life Underwriter® and Chartered Financial Consultant® marks are the property of The American College, which reserves sole rights to its use, and is used by permission.

Please note that although Burnham Gibson Wealth Advisors, LLC is a “registered investment adviser”, readers should be aware that registration with the SEC or any state securities authority does not imply a certain level of skill or training. Additional information about the Adviser is available on the SEC’s website at www.adviserinfo.sec.gov.

BGWA.2018.51