Wednesday, May 1st, 2024 A topical newsletter from PLANSPONSOR DC Plan Design Information for plan sponsors about plan design choices for defined contribution plans. SPONSORED AD Administration Breaking Down ERISA Section 404(c) to the Basics This provision is designed to protect plan fiduciaries from participants’ poor investment choices, but the plan sponsor is still responsible for providing a range of investment options, among other requirements. 2024 Best in Class 401(k) Plans For the 10th year, PLANSPONSOR is recognizing 401(k) retirement plans and their sponsors that stand out for their exceptional best practices. Four 2024 PLANSPONSOR Best in Class 401(k) plans were selected from the 1,764 401(k)s whose sponsors completed the 2023 PLANSPONSOR Defined Contribution Survey. In addition, because Best in Class plans must requalify every five... Data and Research Advanced Recordkeeping Technology Allows for More Personalization in TDFs By collecting more personal data beyond just age, recordkeepers have an opportunity to offer personalized target-date funds. Data and Research American Adults Show Lack of ‘Retirement Fluency’ Understanding retirement-related topics like Medicare coverage and life expectancy were most difficult for respondents, according to TIAA and the Global Financial Literacy Excellence Center. Data and Research Early Withdrawals Found to Exacerbate 401(k) Account Disparities Across Race, Gender In addition to lower contribution rates, Black and Hispanic workers tend to withdraw money more frequently from their 401(k)s, resulting in significant account balance disparities compared to white employees. Benefits 403(b) Participation Rates Reach Record Highs, but Savings Results ‘Still Not Great’ For 403(b) plan sponsors, automatic enrollment helps employees build retirement security, but participation is only half the task facing many, due to low savings rates. Did someone forward you this newsletter? Sign up here to get PLANSPONSOR Spotlight directly in your mailbox!

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