A teacher in Baltimore stretched beyond instructing his students and set in motion a program to teach his colleagues about retirement saving as well.
The “Success Stories” column in the Summer 2016 issue of Plan Consultant magazine provides a look at the employee retirement plan education program at Gilman School, a private K-12 institution in Baltimore, Md. The program is the brainchild of Sean Furlong, Gilman’s director of finance and administration. The idea occurred to him while he was presenting material to students about budgeting and handling finances, including retirement plans.
The education program has many facets, including:
Furlong says that employees close to retirement are “very appreciative” of the program, and that it has had an impact on the general employee population too. “Our overall savings rate has gone in five years from approximately 16% to approximately 22%,” Furlong reports.
Gilman’s plan compares well against other plans, too, with an average contribution 4.1% higher than that in similarly sized plans.
In addition to the regular “Success Stories” column, the summer issue of Plan Consultant includes the cover story, “The Rise of Robo Recordkeeping,” as well as feature articles about the demise of the ERPA program, ASPPA’s role in fighting the IRS’ small-plan audit program in the late 1980s and early 1990s, and a primer on ESOPs as they turn 60. The issue also features insights from thought leaders Lauren Bloom, David Witz, Thomas E. Clark, Nevin Adams, Brian Graff, Joe Nichols and others.
To view the Success Stories column, “Retirement Plan Education, In-House Style,” click here. And to download a pdf of the entire 68-page summer issue, click here.
The “Success Stories” column in the Summer 2016 issue of Plan Consultant magazine provides a look at the employee retirement plan education program at Gilman School, a private K-12 institution in Baltimore, Md. The program is the brainchild of Sean Furlong, Gilman’s director of finance and administration. The idea occurred to him while he was presenting material to students about budgeting and handling finances, including retirement plans.
The education program has many facets, including:
- presentations to all employees at once (done at least once a year for the last 5 years);
- ongoing online opportunities to learn through Financial Finesse — access to tools, articles and presentations on any financial topic of interest or concern;
- articles sent to all employees on current topics relevant to retirement readiness;
- seminars once a year on various topics;
- once-a-year presentations to employees before annual benefits elections on the benefits and importance of saving more; and
- a mandatory one-on-one session.
Furlong says that employees close to retirement are “very appreciative” of the program, and that it has had an impact on the general employee population too. “Our overall savings rate has gone in five years from approximately 16% to approximately 22%,” Furlong reports.
Gilman’s plan compares well against other plans, too, with an average contribution 4.1% higher than that in similarly sized plans.
In addition to the regular “Success Stories” column, the summer issue of Plan Consultant includes the cover story, “The Rise of Robo Recordkeeping,” as well as feature articles about the demise of the ERPA program, ASPPA’s role in fighting the IRS’ small-plan audit program in the late 1980s and early 1990s, and a primer on ESOPs as they turn 60. The issue also features insights from thought leaders Lauren Bloom, David Witz, Thomas E. Clark, Nevin Adams, Brian Graff, Joe Nichols and others.
To view the Success Stories column, “Retirement Plan Education, In-House Style,” click here. And to download a pdf of the entire 68-page summer issue, click here.
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