Effective retirement plan management should reflect your ongoing business objectives and values in a consistent way.
Effective retirement plan management
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RAJESH DASWANI: When it comes to retirement plan management for a multinational, an effective approach should reflect your ongoing business objectives and values in a consistent way across areas such as people, strategy, risk management, operational efficiency, ESG commitments, diversity & inclusion, and M&A execution.
At the same time as there are many external factors that bring risk and opportunities for your retirement plans, such as volatile financial markets, geopolitics, regulatory change, technological advances, and vendor developments. We see many companies facing these challenges and wonder how best to use the available resources to manage and oversee their retirement programs.
To help our clients work through this complexity, we find it helpful to think in terms of three levels of activities involved and who needs to be involved in running pension plans. Plan level operations, for example, record keeping, paying benefits, and member communications. Secondly, plan level governance, which may be a trustee board or committee of your HR or finance teams. They should be responsible for monitoring the operations and external vendors, and ensuring the plan minimizes risks and optimizes outcomes.
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