Case Study: How Leadership + Stewardship Create Better Participant Outcomes

Through Innovest’s 23 years of advising retirement plan clients, we’ve gained valuable experience and insights about best practices. We’d like to share our experience with you in the form of real-life case studies. Below we detail how we helped a large municipality develop better behavioral governance.
Situation: At our suggestion, a large municipality made behavioral governance a component of their annual strategic planning retreat.

Background

Behavioral governance examines the interrelationship of a plan’s leadership, stewardship, and governance to improve participant outcomes and reduce fiduciary liability. The better an organization’s leadership and stewardship of its plan, the better its governance will be.

Solution

To prepare for the retreat, each committee member took a 10-minute assessment to evaluate the committee’s relative strengths and weaknesses in the areas of leadership, stewardship, and governance. Prior to the retreat, not only did Innovest compile the committee’s score, we also added peer institution data for benchmarking purposes.

Result

At the retreat, the committee created goals regarding areas for improvement in their leadership, stewardship, and governance. Their goals are included in their meeting agendas and are discussed regularly. The committee believes that their new focus on governance and the interrelationship of leadership and stewardship will likely lead to better retirement outcomes for their participants.

If you are interested in making behavioral governance a part of your 2020 goals, contact your consultant team today. Innovest Portfolio Solutions is ready to guide your plan and its participants in the right direction. Through our simple, proven menu design, fiduciary expertise, custom education solutions, and commitment to uncommon service, your employees will be on a better path to achieving their retirement dreams.