Rethink your credit union’s retirement plan goals

first_img 6SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr by: Rob PetersFor credit union executives and directors, the list of priorities for a credit union’s defined contribution retirement plan probably goes something like this:Provide a competitive program that helps you attract and retain quality employees.Control the plan’s expenses.Meet the fiduciary duties to monitor the program’s investment performance and ensure the plan is legally compliant.All of these are important. But one key element is too often missing from the priorities for a retirement plan—following through to see that the program is actually preparing employees to replace their paychecks by the time they retire.If your retirement plan isn’t accomplishing this goal—or if you don’t know whether it is—it’s time to rethink how you measure the program’s success.Four Serious Downsides for Credit UnionsA natural concern about an ineffective retirement plan is that individual employees and their families will suffer financial hardship in retirement. But credit unions must consider other potentially serious negative consequences, such as: continue reading »last_img