April 2 is National Employee Benefits Day
April 2, 2018 is National Employee Benefits Day to honor the important work that trustees, administrators, corporate benefit practitioners and professional advisors do on behalf of North America's workforce. The International Foundation of Employee Benefit Plans created the day to garner recognition for benefit professionals and to provide resources to better educate employers and employees about benefit topics.
National Employee Benefits Day serves as a great reminder to all employers and plan sponsors to educate employees and participants about their benefits. Do you feel your retirement plan communication strategy is not working? Do your employees sometimes make irrational decisions regarding their money? What can you do differently to encourage workers to take steps to improve their retirement security? A relatively new area of study, behavioral finance, is providing insights to help employers and plan sponsor make changes in their communication with participants to encourage participants to make wiser decisions regarding their money and retirement.
This year, the International Foundation is focusing on theories of behavioral decision making and how to positively influence the decisions of your participants. The Benefits Day website has numerous resources for helping both employers and employees: www.ifebp.org/benefitsday/. One of our favorites is Ten Ways Behavioral Finance Can Boost Retirement Security. Take a look.