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July 13th, 2021
Information & Insights for the 403(b) Community
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Biases Impact Financial Health
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Behavioral biases can affect such things as individuals' savings account balances, debt levels and credit scores, a Morningstar study found. 
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Ask the Experts
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Questions About Excluding Some Deferrals From Matching Contributions
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“I currently work with an ERISA 403(b) non-safe harbor plan that matches 100% of the first 3% of elective salary deferrals. The plan sponsor wishes to change the formula so that only employees who defer at least 3% of pay receive the 3% employer contribution. Thus, unlike the current formula, if an employee deferred 1% or 2%, the employee would not receive an employer contribution. Is the proposed formula possible? And, if so, would the 3% employer contribution still be considered a matching contribution for ACP testing purposes?”
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Handled With Care
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This sponsor focuses on its truck driver employees’ future and security.
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No reproduction without prior authorization.
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