Overview

Behavioral finance and investment theory tell us exactly how to design the 401(k) plan to enable retirement readiness for millions of employees. So why aren't most 401(k) plans optimized? Known: How to Create a Great 401(k) explores that question, bridging insights from academia with real world organizational behavior to provide practical advice for plan sponsors and advisors looking to drive decisions to improve retirement outcomes. Author Laraine McKinnon brings her unique perspective to this hard-to-solve problem, drawing upon her experience as a 401(k) plan sponsor, decades of experience in retirement investing and hundreds of hours of strategic discussions with many of the largest 401(k) plan sponsors in the US. McKinnon provides compelling proof points to three overarching concepts: Why we must grow savings, drive diversification, prevent leaks and reduce unnecessary risks in the 401(k) How we can implement learnings from behavioral science to influence decision-makers and improve the 401(k) structure Why improving 401(k) plans in this way is a win-win-win (for the participant, their employer, and America)

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9781987525397

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Laraine McKinnon is founder and CEO of LMC17, a strategic consulting firm that blends behavioral science, big data and practical implementation to remedy hard-to-solve problems. Laraine spent 23 years with asset management pioneers Wells Fargo Nikko Investment Advisors, Barclays Global Investors and BlackRock, where she partnered with major plan sponsors to improve employees' retirement readiness, helping millions of people save billions of dollars for retirement. Laraine sits on the Advisory Board of Betterment for Business, is an Advisor to culture tech firm Emtrain and serves as President of The CLUB Silicon Valley, a non-profit incubator for women leaders. She was recognized as one of the 2018 Women of Influence by the Silicon Valley Business Journal.

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