There’s a lot of responsibility for a plan sponsor to handle on their own. Not only are there legal obligations but most employees are not financially prepared for retirement as they should be. 

Nearly 7 in 10 (67%) Americans between ages 50 and 74 don’t have a formal retirement plan, while 4 in 5 lack retirement planning basics on how to be financially secure.

Source: American College of Financial Services 2020 Retirement Income Literacy Survey

So how do you help your employees get on the right path to planning for retirement? A lot has to do with education about the plan, understanding the options and why contributing is important to their retirement and well-being.