Page 228 - AugDefComp

PART 2: EDUCATION POLICY – PLAN PARTICIPANTS

2.1 Intent
For plan participants, it is the assertion of this Policy that the Plan Sponsor and
Provider must:

• Acknowledge that the purpose of education is to enable participants to make self-
interested, informed decisions regarding their retirement planning and security.
• Offer regular, recurring educational programs and services to plan participants that
incorporate basic plan information as well as investment guidance and advice.
• Make Certified Financial Planning services available to participants, especially
those near or in retirement.
• Tailor educational content to participants in different agencies / departments or at
various stages in their life / career (from early employment through retirement).
• Utilize diverse mediums and formats (face-to-face, print, electronic and internet) to
maximize participant education.
• Develop an annual plan of scheduled educational programs to meet the diverse
needs of plan participants.
• Communicate to plan participants, at least annually, the content and schedule of
upcoming educational programs.
• Evaluate educational programs primarily based on participant satisfaction but also
considering other behavioral impacts including: plan participation, contribution,
diversification, rebalancing and distribution management.
• Establish mutually agreeable performance standards for the delivery of participant
education.
2.2 Plan Objectives
The goal of the Program is to provide all employees with a comprehensive, prudently
managed voluntary retirement savings program. The Plan objectives are the following:
• The Plan is established for the exclusive benefit of the participants and their
beneficiaries.
• The Plan is a vehicle through which eligible employees and participants may
accumulate assets to provide for a portion of their retirement needs.
• The Plan seeks to provide a broad range of educational programs recognizing
participants’ diverse demographics and their differing retirement objectives.
• The Plan will assure that investment guidance and advice programs are readily
available with no or reasonable cost to plan participants. Ideally, the range of
programs will allow participants to manage their own investments without
assistance, to manage their own investments with assistance or to have their
investments managed entirely by a designated Provider of services to the plan.

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