Kathleen Kelly, founding and managing partner at Compass Financial Partners, a Marsh & McLennan Agency Company, recently spoke at PLANSPONSOR’s Plan Benchmarking webinar. In her remarks she discussed the importance of benchmarking for plan sponsors to assess the effectiveness of their retirement plans, as well as establishing guiding principles before initiating the benchmarking process.
Throughout her remarks, she also noted that understanding the competitive landscape is crucial for employers, as it informs decisions about enhancing their 401(k) offerings. As the retirement landscape evolves, Kelly anticipates that lifetime income features will become increasingly significant in the benchmarking process.
“I think it’s important to remember that the value of benchmarking is that it is relevant and supportive of the goals and objectives seeking to be achieved,” Kathleen stated.
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