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Not-for-Profit Plan Sponsors Show Plan Management ImprovementNot-for-profit plan sponsors show disciplined plan management processes, like conducting a formal review of their plan options and services, according to the first Not-for-Profit Plan Sponsor Insights Survey by TIAA. Sixty-five percent of plan sponsors have an investment policy statement (IPS) in place to guide their investment monitoring and selection process, and 86% report having a plan adviser. TIAA says these strong processes may help explain why fiduciary concerns rank below worries about employee retirement readiness.
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Moving From a Wellness Program to a Well-Being Program“Most companies probably have used wellness and well-being interchangeably,” noted Barry Pailet, vice president, products, at Preventure, during a webcast. But, he explained that wellness is associated with health and disease prevention, while well-being is associated more with happiness. “Well-being tells us people perceive their life as going well,” he said. Pailet and a colleague discussed elements of a well-being program and how employers can make their well-being program a part of corporate culture and strategy.
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ASK THE EXPERTS
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Differing ‘Year of Service’ Definitions for Different Plan Provisions“Our recordkeeper for our Employee Retirement Income Security Act (ERISA) 403(b) plan recently informed me that our plan document year of service definition is different for satisfying our one-year waiting period to receive employer contributions than it is for vesting purposes. Why are the definitions different? Would it not make more sense for the definitions to be the same, thus making the provisions easier to administer?”
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