To Prioritize Retirement Saving May Not Be Best for All WorkersBob Armour, chief marketing officer (CMO) of Jellyvision, says encouraging all of your employees to put as much as they can into their defined contribution (DC) plan may be causing more harm than good. Many may need to set up an emergency fund or pay off debt first. Armour offers scenarios for targeted messaging DC plan sponsors can offer participants to help them do the right thing. He also suggests what resources plan sponsors could use to help employees with their financial decisions.Read more > |
Monitoring the Details Behind Retirement Plan WebsitesRetirement plan websites are an important part of retirement plan participants’ experience and engagement with their plans. However, puzzling industry terms, an absence of necessary links or even material typically found on these sites being incorrect can give even the most internet-savvy participant a headache. And yet it’s not just those three errors that participants face when accessing retirement plan websites. Creating an engagement level and relatable content for participants is another feature plan sponsors will typically oversee, says Michael Webb, vice president of Cammack Retirement.Read more > |
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ASK THE EXPERTS
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Using Hours of Service to Calculate Eligibility“Our firm sponsors an Employee Retirement Income Security Act (ERISA) 403(b) plan that has a two-year service requirement (100% vested after two years) in which the hours-counting method (1,000-hour requirement) is used. Our recordkeeper is calculating some individuals as having met their service requirement prior to their second anniversary with the firm. How is that possible?”Read more > |
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