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19 October 2015

Retirement industry sees plan redesign as a game changer

Photo: Hary Dalessio"Improving retirement participant outcomes remains a constant challenge for plan sponsors, and today’s institutional retirement plan consultants can play a pivotal role in helping to solve this issue through plan redesign," Harry Dalessio, senior vice president and head of Sales and Strategic Relationships for Prudential Retirement told a group of journalists at a media dinner hosted by Prudential Retirement on October 14 in New York City.

At the event, "Client Engagement Redefined," Dalessio, along with three institutional consultants, participated in a candid panel discussion about how consultants are adding value to workplace retirement plans by driving plan redesign.

Dalessio and the consultants explored a wide range of approaches to plan redesign, including defined contribution optimization, retirement income solutions, incentives like higher 401(k) matches to recognize tenure and gamification features for educational content.

They also stressed that consultants, record keepers and plan sponsors must work together to strike a balance between providing too little and too much education to plan participants, noting that if participants are "bombarded" with too much information, they will "zone out."

In addition, Dalessio explained that because there’s now more transparency about the costs of running a retirement plan, sponsors ultimately want to drive down the costs while still being able to provide a better retirement program for their participants.

"Consultants and advisors need to be able to assess the plan sponsor’s current retirement program and advocate for plan redesign, if necessary. A plan redesign strategy that helps employees save and accumulate more, while improving the plan sponsor's ROI, can be a game changer for organizations and their participants."

Want to speak with Harry? Contact Josh Stoffregen.

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Contact(s):
Josh Stoffregen
phone: 973-802-3996
mobile: 973-204-2540
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