Plan Sponsors Ask…

Q: One of our 2019 goals is to provide financial education to our employees. There are many companies and individuals providing this kind of education; how can we pick the right one for our company?

A: Congratulations on making the decision to move ahead with financial education! When employees have a better grasp on budgeting and other financial basics, they may be better equipped to save for retirement and the other big financial demands we all face. To find the best provider for your needs, we suggest creating a list of questions to ask each candidate. You will want to ask how the provider will be paid, i.e., is it through commissions? Is the content they will present objective? And will the vendor be collecting contact information from employees? You will also want to make sure you understand the background and experience of the candidates, asking questions such as: Have educators had training in the areas they will discuss with employees? What is their track record in providing this kind of education? And, if there will be one-on-one counseling with employees, are the trainers certified to do so? The International Foundation of Employee Benefit Plans has created a comprehensive list of 23 questions to ask when you’re selecting a vendor for financial education. Click here to view the questions.


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