One of the biggest challenges for insurance companies is adapting to the flexibility, training and career growth that employees desire. Complicating matters further, the Bureau of Labor Statistics predicts that nearly 400,000 employees are expected to retire from the insurance industry workforce within the next few years.1 To attract and retain employees in the midst of these adversities, you may need to offer more robust retirement benefits. Some suggestions for improving your plan include:
- Auto-escalate savings rates
The more participants save on a tax-deferred basis, the better off they may be in the future. Automatically increasing your employees’ savings rates at designated intervals can help them achieve their retirement goals.
- Make financial wellness services available
A majority of workers in the United States live paycheck to paycheck. Even if your employees are well paid, they can still benefit from programs that focus on improving financial literacy, managing debt, planning for retirement and more.
- Ensure investment policy statements (IPS) are accurate
Providing an IPS is part of your fiduciary responsibility. But if it does not accurately reflect the underlying asset classes for the investments, your fiduciary risk may increase.
For an insurance industry retirement plan report card and information on how ADP can become your retirement ally, download our insight.
1Insurance Industry Talent Crisis, AmTrust Financial