Olmsted Medical Center: Enhancing the Participant Experience (Podcast)

Gain direct insights from Olmsted Medical Center. This retirement plan sponsor enhanced the plan participant experience through greater availability of financial support and increased protection from solicitation.

       

Enhancing the Participant Experience through Greater Support and Protection

Hear directly from Tom Hunsberger, Director of Human Resources for Olmsted Medical Center. We discuss how he and his team enhanced the plan participant experience by expanding financial wellness services and by modifying their recordkeeper’s marketing practices. More specifically, we cover:

  • Why Olmsted expanded its approach to employee financial education and advice (1:53)
  • Concerns Olmsted identified in its recordkeeper’s marketing strategy (6:07)
  • Tips for plan sponsors to minimize risks associated with recordkeepers’ marketing tactics (7:51)
  • Four recordkeeping practices plan sponsors should be aware of in order to limit their fiduciary exposure (15:04)

“…[Plan information is] a valuable thing that the recordkeeper can leverage to reach out to employees on a targeted basis to influence their current or future purchasing decisions. And we just weren’t comfortable with that so we started trying to get a handle on what was being sent.”

– Tom Hunsberger
Director of Human Resources
Olmsted Medical Center

The information presented is from sources believed to be reliable but Francis Investment Counsel cannot guarantee its accuracy or completeness.  Olmsted Medical Center retains Francis Investment Counsel as its 3(21) investment adviser for investment consulting and employee financial wellness services. Neither Olmsted, nor any of its representatives, were compensated for participation in this podcast, and there are no conflicts of interest to be disclosed.  The information and experience described by Olmsted is not necessarily representative of all Francis Investment Counsel clients.  MoneyAdvice@Work® is offered through Francis Investment Counsel, a Registered Investment Adviser with the SEC. Francis Investment Counsel is not a registered broker/dealer. Neither the firm nor any employee is licensed to sell or be compensated for the recommendation of any financial products or product providers.

More from Olmsted Medical Center

In case you missed it, be sure to listen in to part one of our discussion with  Director of Human Resources, Tom Hunsberger, from Olmsted Medical Center. In it, we discuss the impact of proactive plan cost management.

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