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Information & Insights for the 403(b) Community
With Limited Resources, Managing 403(b) Plans in Higher Ed Brings Unique Challenges
With Limited Resources, Managing 403(b) Plans in Higher Ed Brings Unique Challenges
As higher education plan sponsors often work with small benefits staffs and oversee diverse pools of employees, administering a retirement plan tailored to all employees’ needs is a difficult task.
403(b) Participation Rates Reach Record Highs, but Savings Results ‘Still Not Great’
For 403(b) plan sponsors, automatic enrollment helps employees build retirement security, but participation is only half the task facing many, due to low savings rates.
Ask the Experts
Does Our Plan Fall Under SECURE 2.0’s Automatic Enrollment Requirement?
Q: We are a private 501(c)(3) tax-exempt organization that terminated a 401(k) plan that we had maintained for many years, replacing it with a new 403(b) plan, effective January 1, 2023. The SECURE 2.0 Act of 2022 passed shortly before our plan’s effective date, and we do not meet any of the exceptions to the automatic enrollment requirement that will become effective on January 1, 2025 (e.g., we’re not a church, not a government and have more than 10 employees). However, in order for our plan to be effective on January 1, 2023, we had to have a plan document in place prior to that, so we adopted a written plan in November 2022. Would that get us off the hook in terms of the automatic enrollment requirement, even though we did not commence contributions to the plan until January 2023?
Stakeholders Ask for Fewer Regulatory Mandates for Automatic Portability
U.S. Chamber of Commerce and ERIC ask for a longer compliance date and a removal of required non-English disclosures.
PLANSPONSOR Health Savings Account Livestream
PLANSPONSOR’s Health Savings Account Livestream, April 10-11, will help plan sponsors understand how HSAs work and create a list of considerations for benefit selection and implementation. For more information or to register, click here. 
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