Advisers wish fiduciary responsibilities were more top-of-mind for committees and that sponsors would better define what success means for their plans.
DCIIA hopes its new retirement income glossary will help sponsors ask important questions, such as, “Do we want to keep retirees in the plan?”
Helping DC plan participants create retirement income starts with the savings experience and includes using technology to offer customization opportunities, as well as non-guaranteed and guaranteed investments.
Overpayments are more common than many sponsors think; they should understand the steps they can take to get the money back.
Sustainability doesn’t just come from green investments. Plan sponsors can also incorporate sustainable practices in their day-to-day work.
Corporate, multiemployer and public plan sponsors have been drawn to variable benefit plans for their ability to minimize costs while offering guaranteed income to participants.
Sponsors also say the fiduciary oversight and lower fees that come with staying in the plan help participants.
DC plan sponsors should examine a potential investment manager’s approach to governance as well as investing, and they should review past performance results.
It could be helpful to hire a third-party specialist to do a risk assessment of the handling of participant data.
It’s important for plan sponsors to define plan goals and what they are going to measure, and the defined metrics should be things they can influence.
They should know the right questions to ask as advisory firm merger and acquisition activity continues to increase.
The nonqualified plans offered to top executives at for-profit companies are subject to different rules than those offered to executives at nonprofits.
Companies that measure defined benefit plan funded status also point out that legislation has been introduced that would provide more relief for plan sponsors.