Russell Investments, which works with retirement plan advisors and plan sponsors, has identified seven key attributes that can help plans move beyond average:
1. Adopt a retirement income mindset rather than a focus on account balances.
2. Provide a thoughtfully designed plan menu based on participant profiles instead of an overwhelming number of plan options.
3. Offer best-of-breed investments based on merit and analysis rather than proprietary and single manager solutions.
4. Work to increase the percentage of participants in an asset allocation strategy instead of maintaining a small percentage of assets in target date funds.
5. Provide effective employee education based on building a financial plan for retirement, not on mastering overly sophisticated investment concepts.