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PLANSPONSOR BLINESs LOGO October 4th, 2022
Information & Insights for the 403(b) Community
Senate Confirms Lisa Gomez as EBSA Head
Senate Confirms Lisa Gomez as EBSA Head
The full Senate voted, 49-36, to confirm the new assistant secretary of labor for the Employee Benefits Security Administration.
Nearly Half of Participants Are Saving Less Than 10% of Income for Retirement
A new report says recession fears are likely driving interest in lifetime income options for workers.
Ask the Experts
When Can an Employee in a 457(b) Plan Use A Three-Year Catch-Up Election?
We are a private university who sponsors, among other plans, a 457(b) plan for our select management and highly compensated employees. The plan contains the three-year catch-up election for employees who are within three years of the normal retirement age of the plan (which in our case is 65). Our question is, can the employee actually use the election in the year in which he/she turns age 65 if he/she qualifies? We have an employee who turns age 65 in 2022 requesting that she use the election, but we think it might be too late for her to use the election, as she would have had to use it in the years that she turned ages 62, 63, and/or 64 if eligible. Are we correct?
BIPOC Workers Worked With Financial Professionals Less in 2022
A new Allianz Life Retirement study highlights that BIPOC workers less frequently access financial advice in 2022, while engagements for white workers are steady
Webinar: Your HSA Questions Answered
Join PLANSPONSOR and industry experts for a webinar October 13 during which you will increase your understanding of health savings accounts by comparing features to those of defined contribution plans, learn how to position HSAs on your menu of benefits, and hear tips for increasing employee engagement with HSAs. Register today.
DC Survey Now Open
For more than 20 years, PLANSPONSOR’s annual Defined Contribution Survey has provided benchmarking data for nearly 50 industries/business sectors and for 401(k), 403(b), and other DC plans, as well as nonqualified plans. Represent your industry and plan type by participating, and you’ll receive a free benchmarking report.
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