Retirement Plan Success: Practical sponsors see it one way, advisors another

A Vestwell report suggests the disconnect between SMB plan sponsors and advisors could lead to a missed opportunity to increase retirement plan participation.

The majority of plan sponsors (87 percent) in the small and medium-sized business (SMB) space said they spend less than 10 percent of their time managing their company’s retirement plan, and nearly 60 percent said plan success can be measured by the time it takes to manage the plan — the less time the better. A similar percentage said having no administration errors was a sign of a successful plan. Both markers fall under the category of saving time and work for the sponsor, according to a new report by digital recordkeeping platform Vestwell.

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