How One Organization Transformed Its Retirement Plan—and How You Can Too

Let’s look at the example of a local church in Knoxville. Like many organizations, they offered a retirement plan to their employees as part of the overall benefits package. But instead of stopping there, they sought to continuously improve the plan, ensuring it truly benefited employees. What happened next was a significant change that boosted employee participation and positioned the church as a leader in retirement planning.

Employer Contribution and Participation

One of the keys to the church’s success was offering a strong employer match and actively encouraging employees to take advantage of this benefit. Many organizations adopt a “set it and forget it” mindset, assuming employees will figure it out on their own. The Knoxville church, however, made sure employees understood the value of participating early. That proactive education made a significant difference.

Employer-matching contributions act as a powerful incentive. The church didn’t just offer the match; they communicated its value clearly and regularly, ensuring employees maximized their contributions.

Keeping Costs Low

Another key factor in the church’s success was a commitment to keeping costs low. High fees can quietly reduce retirement savings, significantly impacting the amount employees have by retirement age. The church deliberately selected investment options with low expense ratios, along with other measures, they cut participant costs in half.

By keeping expenses low, employees saw their contributions grow faster without being eaten up by fees. This is an important lesson for any organization—high fees are the enemy of successful retirement outcomes.

Leveraging Technology

In today’s digital world, technology makes it easier to help employees take control of their financial futures. The church used user-friendly websites and apps to make retirement planning more accessible. Many people avoid engaging with retirement plans because they seem overwhelming, but easy-to-use tools help bridge that gap.

By providing accessible platforms where employees could track their balances, adjust contributions, and explore investment options, the church made it simple for employees to engage with their retirement plan. This accessibility is especially important for organizations with employees who may not have the time or financial background to engage deeply in planning.

Human Touch: One-on-One Communication

Perhaps the most impactful strategy the church implemented was proactive, one-on-one communication. Technology can simplify retirement planning, but personal conversations move the needle. The church didn’t wait for employees to ask questions; they had Rather & Kittrell’s fiduciary advisors and CFP® Professionals discuss with their participants how they could improve their savings strategies.

These individual conversations were tailored to each employee’s needs, providing personalized guidance. The result? A 34% increase in employee participation, with nearly 90% of employees on track to retire successfully. One-on-one communication turns a good plan into a great one by making sure employees feel informed and supported.

The Power of Continuous Improvement

The church didn’t stop at offering a strong match, low fees, and accessible technology. They embraced a mindset of continuous improvement, always asking how they could do better. The plan was submitted through a prominent publication as “Plan Sponsor of the Year” in the respective category. This publication agreed with our nomination, and the church was named one of four finalists in a national non-profit category. This success wasn’t achieved overnight—it was the result of proactive strategies, ongoing review, and a commitment to doing right by their employees. This mindset of

continuous improvement set the church apart from many organizations that offer retirement plans but never refine them. They actively worked to enhance their plan year after year.

What Can You Learn from This?

The lessons from this story are clear: Your retirement plan can always be better. Whether you’re an employer or an employee, there are steps you can take to improve retirement readiness.

1. Employers: Review your plan regularly. If possible, offer strong employer matches and communicate their value to employees. Keep costs low and make the plan accessible with easy-to-use technology. Most importantly, have your plan advisor talk to your employees directly, in clear terms, and often.
2. Employees: Take full advantage of employer matches and contribute as much as possible. Seek one-on-one advice when needed to ensure you’re on track.

Ultimately, the best time to improve your retirement plan is now. The Knoxville church’s success shows that with the right strategies, any organization can transform its retirement plan into a powerful tool for financial independence.

Start today—because a better future begins with better planning.

CLICK HERE FOR THE PLANSPONSOR FINALIST ARTICLE!