Your Team in the Race for Retirement

Long ago, having run a few races, I often found myself running alone – whether in training or in the race itself.  But, in fact, after my first race, I was never really, truly alone.  I had my team with me – every step of the way.  

My first running team included runners and non-runners at the Findlay, Ohio YMCA. These were people I knew, and some I didn’t know, who offered encouragement.  Back then, after trying many different shoes, I concluded New Balance needed to be part of my team; they produced a shoe that made running easier, enjoyable – the 420.  Even manufacturers of simple stuff like socks and singlets and shorts developed specifically for distance running were part of my team.  

Later, my podiatrist joined my team. He developed orthotics that relieved my pains from shin splints.  Runners World was a teammate, offering advice and encouragement through others’ stories of success and failure.  They suggested training regimens to try and ones to avoid.  They reported on race events and publicized future race opportunities.  

When I finally toed the line for my first marathon in Chicago in 1980, I truly appreciated the race organizers (especially the guy who offered Vaseline to reduce chafing at the first stop).  Despite the 80+ degree temperatures, water, Gatorade, and post-race refreshments made it enjoyable. 

And, I had come a long, long way from my first race, the Findlay, Ohio 1979 RockingU of 9.5 miles.  There, I barely finished in over an hour and a half.  In Chicago, I ran 3:18:15.  It was a transformation. And, I couldn’t have done it without my team.  (There are pictures.)  

As a plan sponsor, you are part of each participant’s retirement preparation team.  You are also part of each worker’s financial fitness team – because retirement is only one stop on the financial fitness journey.  Encouragement comes in many ways – sponsoring a plan, offering financial education, creating nudges to participate in retirement plans, or to increase contributions, or in the form of a qualified default investment alternative.  

Yes, as a plan sponsor, you are the “sponsor” of your workers retirement race.  Some may not be fully aware of all you do.  Others may take you for granted.  But, you are a teammate integral to workers’ financial fitness.  

In my last plan sponsor role, I would often remind my benefits planning, communication, and administrative teammates of the privilege we had.  We had an opportunity, multiple times each year, to make a difference in workers lives.  It was work, but it was also fun.  Looking back, when I meet former coworkers enjoying retirement, their success in becoming fiscally fit and preparing for and enjoying retirement was a major part of the reward I received from my career in employee benefits.  Each time a participant successfully completes the race, the whole team wins!

PSCA is also part of the team, supporting you and your participants in the retirement race. This year, PSCA is sponsoring the 401(k) Race for Financial Fitness. Plan sponsors and 401(k) professionals interested in running should consider participating.  Click here for more information.