PLANADVISER - January/February 2022 - 24

improving outcomes / plan design
ETTING
toYES
When alignment on plan-design changes
requires overcoming common objections
O
ne of plan advisers' key duties is to help clients build an effective plan-one with
design features that produce the best participant outcomes. Still, getting plan sponsor
and committee buy-in for needed plan improvements can be an arduous task.
Advisers say the best way to overcome anticipated objections is to focus on the particular
plan's objectives. If the sponsor knows what these are, present data that illustrate how,
and why, the plan design changes will help the company meet them.
" We now have a decade and a half of data relating to automatic enrollment and automatic
escalation, " says Matthew Eickman, national retirement practice leader with Qualified
Plan Advisors in Omaha, Nebraska. " That helps us navigate challenging conversations
when a plan sponsor says, 'You don't know my people.' You can say, 'I may not know them,
but I may be better able to predict how they'll react to something than you are, across
different age groups, genders or geographic regions. "
Besides broad data supporting the efficacy of plan design changes, it is likely that specific
data about the client's plan, demographics and challenges-and comparable data indicating
what its competitors might be doing-is available. The discussions between the adviser and
sponsor or committee will vary based not only on the particular employer's objectives but
on its employees' financial needs.
If the sponsor is unclear as to the plan's goals, the adviser can help it to determine them,
then focus on the design features and changes that might aid in their achievement.
Of course, advisers also need to work with the plan sponsor to make sure its plan documents
allow for proposed changes or whether the documents need amending.
What follows is a guide to overcoming common concerns that sponsors might voice
about making design changes.
24 | planadviser.com January-February 2022 Art by Harry Campbell

http://www.planadviser.com

PLANADVISER - January/February 2022

Table of Contents for the Digital Edition of PLANADVISER - January/February 2022

The Virtual Reality
Getting to Yes
A Share of the Wealth
The Full View
Life Happens
An Objectivity Lesson
Best Execution Standard
PLANADVISER - January/February 2022 - Cover1
PLANADVISER - January/February 2022 - Cover2
PLANADVISER - January/February 2022 - 1
PLANADVISER - January/February 2022 - 2
PLANADVISER - January/February 2022 - 3
PLANADVISER - January/February 2022 - 4
PLANADVISER - January/February 2022 - 5
PLANADVISER - January/February 2022 - 6
PLANADVISER - January/February 2022 - 7
PLANADVISER - January/February 2022 - 8
PLANADVISER - January/February 2022 - 9
PLANADVISER - January/February 2022 - 10
PLANADVISER - January/February 2022 - 11
PLANADVISER - January/February 2022 - 12
PLANADVISER - January/February 2022 - 13
PLANADVISER - January/February 2022 - 14
PLANADVISER - January/February 2022 - 15
PLANADVISER - January/February 2022 - 16
PLANADVISER - January/February 2022 - 17
PLANADVISER - January/February 2022 - The Virtual Reality
PLANADVISER - January/February 2022 - 19
PLANADVISER - January/February 2022 - 20
PLANADVISER - January/February 2022 - 21
PLANADVISER - January/February 2022 - 22
PLANADVISER - January/February 2022 - 23
PLANADVISER - January/February 2022 - Getting to Yes
PLANADVISER - January/February 2022 - 25
PLANADVISER - January/February 2022 - 26
PLANADVISER - January/February 2022 - 27
PLANADVISER - January/February 2022 - A Share of the Wealth
PLANADVISER - January/February 2022 - 29
PLANADVISER - January/February 2022 - 30
PLANADVISER - January/February 2022 - 31
PLANADVISER - January/February 2022 - The Full View
PLANADVISER - January/February 2022 - 33
PLANADVISER - January/February 2022 - 34
PLANADVISER - January/February 2022 - 35
PLANADVISER - January/February 2022 - Life Happens
PLANADVISER - January/February 2022 - 37
PLANADVISER - January/February 2022 - An Objectivity Lesson
PLANADVISER - January/February 2022 - Best Execution Standard
PLANADVISER - January/February 2022 - 40
PLANADVISER - January/February 2022 - Cover3
PLANADVISER - January/February 2022 - Cover4
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