What Employers Ask Us When Considering Changes to Their Retirement Plan

When employers come to us with questions about updating their retirement plan, the conversation often starts the same way: a mix of curiosity, uncertainty, and a genuine desire to “get it right” for their people and the company. And that’s exactly where we thrive, helping business leaders understand not just what to change, but why those changes matter.

Let’s walk through the types of conversations we have every day.

“How do we know if our plan is still competitive for attracting and retaining the right employees?”

This is usually the opening question, sometimes asked with a hint of concern “Are we keeping up?” Employers want to make sure their benefits can attract and retain the talent they need.

We’ll often sit down together and talk through things like the company’s growth, what your competitors are offering, current plan features and participation, and whether your employees seem to value the benefits you’re providing.

The conversation usually turns into a collaborative exploration: “Let’s look at how your plan lines up with the market… does this feel right for your culture? Your budget? Your goals?”

Very often, the answer is: “We’re close, we just need some fine‑tuning.”

“How do we know if plan fees are reasonable?”

Fees are a topic nobody loves, but everyone worries about. Employers will say something like: “We think our fees are okay but honestly, we don’t really know.”

So we talk through how fees show up, transparently in some places, more subtly in others. We review how fees have changed as the plan has grown, whether the costs are in line with the value, and how they compare with similar-sized plans.

There’s often a moment in this conversation when employers feel relieved just to have clarity: “I finally understand what we’re paying for and what we’re not.”

“Are our investment options appropriate for our employee population?”

Retirement investors are not all alike.  Most retirement plan participants are “set-it and forget-it” investors, but many are do-it-yourself investors that require more sophisticated options.  It’s critical to have an investment menu that works for your entire company, from the front-line workers to the C-suite.

In addition to managing the investment menu, a key part of the role of the retirement plan advisor is to work with plan participants to determine the appropriate investment selection based on their individual circumstances.

This part of the conversation feels more like financial coaching:
“Would you consider yourself to be a risk-tolerate or risk-adverse investor?”
“Since your risk profile should match your investment horizon, what year to you plan to retire?”
“What other investments do you have outside of the retirement plan so we can ensure proper risk management across your portfolio?” 

“Are we meeting all of our fiduciary responsibilities?”

This one usually comes with a concerned look. Employers understand that fiduciary oversight is serious business, and many admit they’re unsure whether they’re doing everything they should.

We walk them through the basics: Retirement Plan Committee Governance, Investment Policy Statements, Fiduciary Investment Reviews, ERISA & Department of Labor Regulations, Plan Audit Requirements, etc. and help them see that the process doesn’t have to be intimidating.  It is the role of the retirement plan advisor to ensure that the plan sponsor is meeting their fiduciary obligations throughout the year.

Often, the reassurance plan sponsors are looking for is simple: “Yes, we can help you put in place a clear, confident process that ensures retirement plan fiduciary responsibilities are being met every year.” 

“We want better participation, where do we start?”

Employers often tell us that their plan participation looks flat, or their younger employees aren’t engaging.  We talk about how employees experience the plan:

• What is the communications strategy? Are the messages clear and concise?
• Do people know where to go for support with savings rates or investment selection?
• Is participation in the retirement plan a topic during new-hire onboarding? What resources are distributed to new-hires?
• How can plan design changes boost plan participation?
• How can a Financial Wellness Program boost plan participation?

A retirement plan can have an optimal plan design with a generous company contribution but still have low participation.  It’s often the storytelling around the benefits of the retirement plan that drives participation, and we help plan sponsors frame that story for their employees.

“Is it time to review or change our retirement service providers?”

This is usually phrased hesitantly: “We’re not unhappy… but we’re not sure we’re getting the best experience anymore.”

We understand the players in the industry and which offer the best-in-class plan sponsor support, participant call-center service, website & technology offerings, payroll integration capabilities, enhanced language options, etc.

Depending on the company’s evolving requirements and budget, we’ll work with you to determine whether it makes sense to change retirement plan provides.  If so, we help guide the transition so it’s smooth for the plan sponsor and employees.

“What should we do next?”

By the end of the conversation, employers are usually energized: “I feel like I actually understand our plan now.”

So we map out the next steps.

• What to adjust.
• What to monitor.
• What to communicate.
• What to revisit during committee meetings.

The goal isn’t just to update a retirement plan, it’s to create a thoughtful, strategic program that supports both business goals and employee financial wellness.

Final Thoughts

Making changes to a retirement plan isn’t just a technical and financial decision, it’s a human one. Employers want to do right by their people, and they want guidance they can trust. At Sapers & Wallack, that’s where our retirement team shows up: with clarity, deep expertise, and a steady hand.

If you’d like help thinking through your own retirement plan updates, we’re always ready to talk and to make the process feel much more comfortable and engaging.