A successful retirement plan doesn’t rest solely on the plan sponsor’s specific goals and objectives. Employees are the main beneficiary of an effective retirement plan, and understanding what factors they deem important is equally as important. In addition to those directly involved or affected by the plan, are the regulatory agencies that oversee workplace plans. A plan is not successful unless it can demonstrate the ability to meet the regulations set forth by ERISA and the other regulatory agencies.
Once you have your goals documented, you can review and monitor your plan to help ensure you are meeting your stated objectives, and help meeting your definition of success.