Morris Capital Partners Report Defines Best Practices for Retirement Plan Sponsors in Higher Education
Online, August 27, 2013 (Newswire.com) - Morris Capital Partners a leading provider of not-for-profit workplace retirement savings plans to higher education employees today published a best practices guide for plan sponsors in higher education. The insights in the report are based on plan data and millions of employee-level transactions from 415 higher education plans. The report's purpose is to illustrate ways that Hong Kong's academic institutions can improve retirement readiness among employees.
The report, the first in a series, examines trends in mandatory and voluntary plan design, and highlights three key areas for improvements in plan design, employer and employee contributions, as well as plan participation rates.
"Higher education plan sponsors are increasingly looking to their retirement plan to help them attract and retain top talent and increase employee engagement, while ensuring cost effectiveness," said John Hsieh, executive vice president, Morris Capital Partners Tax-Exempt Retirement Services. "In order to achieve these goals, it's essential for employers to assess and benchmark how elements of their plan design could ultimately impact employees' retirement readiness and satisfaction with their benefits offering."
Morris Capital Partners' Best Practices for Higher-Education Plan Sponsors:
1. Target employee and employer contributions totaling 10-15 percent of an employee's annual salary to increase retirement readiness.
2. Administer a combined benefits plan of contribution and employer match to increase total contributions, employee engagement and potentially lower costs.
3. Use employer match to increase voluntary participation rates and employee contributions.
4. Consider automatic enrollment to raise voluntary plan participation rates.
5. Consider automatic increase program to increase employee voluntary contributions.
About Morris Capital Partners
Since inception, Morris Capital Partners has grown rapidly in a competitive market. The unique and engaging business model that connects and builds mutually beneficial relationships between financial advisers and clients has been the main driver of this growth. We are a professional investment services core operations company that offers financial advice and the distribution of financial and risk products to individuals and companies who recognize the need to build their wealth and plan for the future. Morris Capital Partners aims to be a partner of choice to its clients by providing them premium quality services, support and education to enhance their professionalism.