While grocery shopping in Skokie, Ill., 30 years ago, I learned a very interesting communication skill from a harried mother urging her son choose a package of chewing gum in the checkout line. In a hurry and frustrated, she simply said, “Pick one now — green, yellow or white.” She was referring to the package colors of well-known brands of mint, fruit and spearmint gum. Likely she knew from experience that giving even that much more information about flavors would lead to more questions, more indecision and further delay leaving the store.
Uncomplicating 401(k) Plans
How does this recollection apply to the world of 401(k) plans? In my view, making plan decisions as uncomplicated as that little boy’s green/yellow/white choice may benefit eligible employees and participants who have difficulty making a decision. In addition, an easy-to-understand structure for auto enrollment could result from this simplification. Find out how it might work.
Jeff Hemker is the National Sales Director – Retirement Division at Invesco.
Invesco Distributors, Inc. 04/15
