4 Ways to Run a Smarter, More Cost-Effective Retirement Plan

In today’s job market, it’s tough for employers to attract and retain great talent without offering a competitive retirement plan. Yet many business owners hesitate because of the cost, complexity, and time involved in managing one.

The good news? You can make your plan more effective and affordable with a few smart adjustments.

1. Automate participation. Auto-enrollment and automatic contribution increases are proven to boost employee participation. By helping employees start saving right away—and increase their savings over time—you support their financial well-being with minimal administrative effort.

2. Be strategic with your match. A thoughtful matching formula can motivate employees to contribute more without putting too much strain on your company budget. We can help you evaluate options that align with your goals and cash flow.

3. Simplify your investment lineup. More choices aren’t always better. Offering too many investment options can overwhelm employees and discourage participation. A streamlined menu focused on quality, diversified options helps employees feel more confident in their decisions.

4. Invest in financial education. Even the best-designed retirement plan only works when employees understand it. Offering education sessions or financial wellness resources empowers your team to make informed choices—both in their retirement accounts and in their daily finances.

Creating a retirement plan that’s both lean and effective is possible—and it can make a big difference in your team’s satisfaction and loyalty.

Need help fine-tuning your company’s plan? Contact us to discuss how you can build a retirement program that benefits both your employees and your bottom line.

About Bruce & Company, P.S.C.

Founded in 1976 by Gregory T. Bruce, Bruce & Company, P.S.C. is a full-service accounting firm proudly serving clients regionally, nationally, and globally, with our central office located in Madisonville, KY. For more than four decades, we’ve delivered trusted expertise in tax, financial planning, and auditing. Our knowledgeable team is dedicated to providing personalized service and practical solutions to help individuals and businesses achieve their financial goals. Contact us to learn more about how we can support you!