postheadericon How to Convince your Employer to Change your Investment Plans

If your employer offers you a retirement plan, you have the option of taking money out of your salary and investing it, before taxes, into any of the investment funds your employer offers. Most companies use third party administrators to manage their retirement plans and offer different funds. If you are unhappy with the investment plans you have available to you and you would like to invest in different funds, do your research. Convince your employer to change your investment plans by providing a rationale, offering alternative plans, demonstrating buy-in and preparing your pitch.

How to Convince your Employer to Change your Investment Plans

1 Review the investment plan your employer currently offers. Make notes about what you do not like in your present plan, or what you think could be improved. Be specific. You will need to present very good reasons for your employer to change anything. Prepare a list of alternatives to the current plan. Be sure you can articulate a rationale for changing.

How to Convince your Employer to Change your Investment Plans

2 Talk to your plan administrator about your concerns and ideas. This will probably be someone in your Human Resources department. Ask what you have to do to recommend changes. You will probably not be successful after your first meeting, but your plan administrator can explain who makes the final decision, whether it is the company’s CEO or a Board of Directors.

How to Convince your Employer to Change your Investment Plans

3 Get additional support. Talk to co-workers about your proposed changes to the company’s investment plan, and see if you can get others to support your ideas.

How to Convince your Employer to Change your Investment Plans

4 Prepare your pitch. Schedule a meeting with the decision makers, and make sure you are prepared to make your case. Present your ideas for change, with your rationale. Provide supporting documentation including statistics, testimonials and other research you have accomplished in seeking a different investment plan. Describe how it will benefit the company. Point out ways the new investment plan will save money or increase morale. This will not only make your proposed changes more attractive to the company, it will reassure the decision makers that your desire to change the plan is not self-serving. Provide the names of other employees who support the change. Whether you have a petition or written statements, let your company know that you have obtained the support of other workers.

How to Convince your Employer to Change your Investment Plans

5 Talk to your third party administrator. They will not be authorized to make any changes to your investment plans without approval from your company’s management. However, your representative might be willing to discuss different options with you.

How to Convince your Employer to Change your Investment Plans

6 Discuss your plan with union leadership if your company’s investment plans are a result of a collective bargaining agreement.

How to Convince your Employer to Change your Investment Plans

7 Follow up in 2 or 3 weeks. You will probably not get a decision immediately. Ask management or human resources when would be an appropriate time to follow up. Express your appreciation for the opportunity to propose your plan. Send an email or a thank you note after you meet with your company’s leadership.

Leave a Reply