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‘Gaming’ the Retirement Plan Journey

Practice Management

Last week we covered some gaming history—and how that inspired the development of the agenda for this year’s ASPPA Annual. Let’s talk about how that will “play” out in October!

Overall Game (Series) Concept:  

This unique game (series) has four levels (sessions) for the player (attendee) to conquer (attend). It was specifically designed to develop a solid foundation for plan consultants who want to learn and provide comprehensive consultative services, and to give a glimpse of the entire consulting spectrum for those who aspire to be great consultants one day. Without question, compliance testing is complicated, and unfortunately, there are no “warp zones” in real life. Before we can face the final boss (the sponsor), we have to master all levels that come before. The game will start at an earlier level than we typically see covered in conference sessions laying the most basic foundations for testing, and progress to the final level, focused on the challenges of client communications and best practices for communications surrounding plan operations, potential decision points, and various changing situations available to/for the plan in a way that allows plan sponsors to best take action. 

Now, let’s quickly take a more detailed peek at each level within the game:

Level 01: Math: The Ultimate Word Problem 

To fully understand testing, it is helpful to have a knowledge of the math and concepts underlying the tests themselves. Therefore, the first level in the game will deep dive into retirement plan math. Administration systems do a lot of the heavy lifting, but level one will lay out how to actually calculate things like an EBAR, gateway allocation or a ratio percentage—the building blocks we often take for granted.

Level 02: Testing: Will You Pass?

Having mastered the math in Level 1, this next level is designed to help you apply the building blocks to not only run compliance testing, but to better consult by recognizing how to achieve the most optimal results in different situations and how to evaluate and navigate the options available. To do that, you need to know what steps occur in a plan each year and here we’ll intensely focus on plan testing.

Level 03: Building Blocks: Building, Designing, Maintaining and Redesigning Plans 

Keeping with the progression, this session will use the building blocks from Level 1 (the math) and 2 (the test). While understanding the math will help you to recognize the best testing options, recognizing the best testing options will help you to create a plan to capitalize on those options, allowing you to design, maintain and redesign plans to consistently provide optimal results.

Level 04: Say What? Client Communications 

The final level in this game will bring it all together with Client Communications. George Bernard Shaw once said: “The greatest problem in communication is the illusion that it has been accomplished.” To truly master the journey requires the ability to communicate what you know in a way that plan sponsors can act upon. This includes not only communicating options, but just as important, translating retirement-speak for nonretirement professionals, recognizing misunderstandings, and listening for the questions that are not being asked. We don’t want you to fail right as you’re about to flip the game! Therefore, during this level, gamers will use role playing scenarios to optimize communications with clients in order to drive the best results on an ongoing basis. 

Once you’ve complete Level 04, you will have mastered the latest and greatest new game: The Retirement Plan Journey! 

See you at ASPPA Annual 2022—We look forward to Leveling Up with you! Log in and “Level Up” today at https://asppaannual.org/ 

Justin Bonestroo is ASPPA’s 2022 President Elect. Amanda Iverson is ASPPA’s 2022 Vice President.