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October 3rd, 2023 Information & Insights for the 403(b) Community Low Account Balances, Gender Savings Gap Found Among Public Sector Workers As increasingly more public sector workers rely on defined contribution plans for their retirement savings, many are struggling to grow their balances, research from EBRI and NAGDCA shows. Student Loan Repayments Expected to Derail Employees’ Retirement Savings Nearly 75% of student loan borrowers expect that resuming payments will impact their ability to save for retirement, and some say they plan to reduce their contributions, new data shows.  Ask the Experts How Are Small Plan Participant-Counting Rules Changing For 2024 Reporting? Q: I’ve always been frustrated that our fairly small ERISA 403(b) plan has been subject to an expensive financial audit each year, since we only have a relatively small number of active employees (about 50) with account balances in the plan. Most of our employees do not participate, since they are low-paid, despite our extensive efforts to encourage them, and we can’t afford auto-enrollment. We cannot exclude these employees from participation due to the universal availability requirement for 403(b) plans. However, I heard from our recordkeeper that there may be some relief from the Department of Labor going forward, is that true? Setting Your Plan Up for Success During Open Enrollment Season By making health benefits more affordable for employees and ensuring there is time to explore all offerings, one midsize employer saw increased engagement during open enrollment season.  Plan Sponsors Offering Wellness Resources See Increased Worker Satisfaction Bank of America recommends plan sponsors act to promote greater employee retirement readiness.   Did someone forward you this newsletter? Sign up here to get (b)lines directly in your mailbox! Unsubscribe | Manage Subscriptions | Contact Us Copyright ©2024 Asset International, Inc. All rights reserved. No reproduction without prior authorization. Modern Slavery Statement 2022 | Do Not Sell My Personal Information | Privacy (including cookies), Social Media & Legal 702 King Farm Boulevard, Suite 300, Rockville, MD 20850