Selectpath
It’s not uncommon for businesses to experience drift in their benefit and retirement plans, and without course correction, can have an increasingly negative impact over time.
It can occur with recurring financial terms that on their own seem insignificant, but when unchecked and compounded over time, results in thousands of dollars in waste that could have been redirected toward other initiatives.
It can happen when the coverage offered hasn’t been compared against the market, if ever since inception, so it doesn’t adequately meet existing and future employee expectations.
It can happen when claiming patterns change yet plan design hasn’t been adjusted to remain competitive or to mitigate increased risk.
It can happen when a business experiences substantial growth, but plan coverage and delivery has drifted away from the new corporate culture.
Complacency is a form of drift, but it doesn’t necessarily have to be tied to the frequency of advisor interaction, but the quality of the interaction, guidance, and scope of work. Workplace plans are increasingly expensive and complex, so don’t be afraid to challenge your benefit and retirement plan advisors by asking questions if something doesn’t make sense, or if you have concerns.
Our goal is to help business operators understand these plans better than most of the advisors selling them, so if you suspect your plan may be drifting off course by a little, or a lot, let’s talk.
Written by:
Dean Clark, CEBS
Partner/Right Path Advisor
Selectpath Benefits & Financial
