Helping Retirees Reach Their Retirement Goal Line

Friday 8:40 – 9:40 AM

Session Description

Retirement plan sponsors face a challenge that is more complicated than it may appear in offering employees the opportunity to save at work. Employees need to retire. And employers need to provide this benefit in a cost efficient manner. Relative to the employees saving in the plan, they are subject to the same pitfalls that challenge most investors: lack of knowledge, poor decisions and regret; a strong education program can help employees make better savings decisions. Given the current legal environment, the stakes are high for understanding these challenges and reaching good answers.

Learning Objectives

  1. Help retirement plan sponsors and employees understand the common pitfalls that retirement plan savers encounter and hwo to overcome them
  2. Learn why stock market fluctuations lead to poor investing decisions
  3. Explain the math showing that how much is saved and how long one saves far outweighs other factors in achieving a successful retirement
  4. Demonstrate a useful tool that helps people plan and commit
  5. Decoding revenue sharing practices; 6. Summarize retirement plan liitgation against retirement plan sponsors

 

Michael Smoots

Mike Smoots works at Qualified Plan Advisors as an attorney with a focus on ERISA services. Previously, Mike was a Vice President with a national recordkeeper. He negotiated agreements with asset managers, reviewing investments for their total cost and revenue sharing—maximizing these payments for retirement plan sponsors. He also reviewed hundreds of retirement plans, ranging in size from $10 million to $20 billion, relative to investment selection, plan design and revenue sharing, as a member of the finance team. Mike graduated from Kansas State University with a bachelor’s degree and earned his juris doctor from the University of Kansas.