Plan Talk: How to Build More Accountability into Your Retirement Plan

Imagine you see a person with money sticking out of their backpack standing at a train station. Do you go up to this person and help? Diffusion of responsibility is a complex idea that becomes even more nebulous when you think about retirement preparedness, because both participants and plan sponsors play a substantial role during the process. In our Plan Talk podcast, Retirement Director Ben Rizzuto talks about how some companies and participants are working together to find effective solutions.

Tune in to our Retirement Series: Plan Talk for conversations that motivate, inspire and improve your everyday.

Plan Talk: How to Build More Accountability into Your Retirement Plan - Ben Rizzuto, CRPS®

Key Takeaways

  • Past research has shown that participants feel plan sponsors should be required to offer retirement plans, suggesting the latter is responsible for some level of preparedness.
  • At the same time, plan sponsors are phasing out their defined benefit plans and shifting to defined contribution, shifting responsibility to the participant.
  • Focusing on communication, confidence and positive habits can help fight off the diffusion of responsibility and build a healthier, more accountable relationship between plan sponsor and participant.

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