Add ‘consolidation’ to the script for improving plan metrics

Commentary: Initiatives by employers to drive up savings and enrollment in their retirement plans over the past decade have generally followed the same three-pronged approach — participate, save, diversify.

• Participate: Automatically enrolling new employees;
• Save: Raising plan matches and/or enabling participants to automatically increase deferrals;
• Diversify: Offering target-date funds or managed accounts to better diversify participants’ portfolios.