It’s Benefit Fair Season!

Let the festivities begin, even in the era of social distancing

It’s that time of year to start the benefit selection process for 2021. Perhaps you’ve traditionally included a 401(k) plan booth at your in-person benefits fair. By doing so, you had the opportunity to encourage people to join the plan, educate them about increasing their contributions, and let them know what resources are available to help them invest wisely. This year, you may want to look for other ways, such as a virtual benefits fair, to inform employees about the plan. Here are some thoughts on how to maximize the potential of a virtual benefits fair:

  • Determine the resources you have available, and how appropriate they are for your workforce. For example, do you already have a benefits website on which to launch the fair? Is your workforce tech-savvy, and do they all have online access?
  • Figure out what features of previous fairs employees loved—and what you can do to replace them. For example, if people enjoyed picking up the swag offered by vendors (or you), perhaps you could arrange a charitable donation on behalf of employees based on completed enrollments or decisions. If you find yourself with extra financial resources because you won’t have to pay for event space, snacks and time off to attend, can you devote some of the savings to creating a video library explaining topics like budgeting, investing, selecting a retirement date, etc.?

Be sure to build in a sense of urgency so employees don’t procrastinate. And above all, avoid framing your virtual benefits fair as “second best.” Instead, focus on the positive aspects of the change. Click here to learn more ideas about moving your benefits fair online from Segal Benz.


Consider TRA's 3(16) Fiduciary Services & Plan Administration

To alleviate the day-to-day administrative burdens of yours or your clients retirement plans.