Hello, PLANSPONSOR readers. This week’s edition of PLANSPONSOR Weekend focuses on plan design and administration. We covered news that private higher education plan sponsors in Virginia are moving to a new model for their 403(b) plans. Industry sources offer insights on maintaining a top notch call center and on enhancing retirement plan design beyond automatic plan features. Josh Cohen, head of defined contribution at PGIM, the investment management wing of Prudential Financial, offers strategies for boosting participant outcomes, and attorneys from Groom Law Group, Chartered, discuss out-of-bankruptcy distress terminations as an option for unaffordable pension plans.
Fourteen Virginia private colleges are planning to join a newly created multiple employer plan (MEP) with the expectation of reducing their administrative burdens and cutting costs while helping employees prepare for retirement.Read more >
Compliance concerns, lengthy wait times, incorrect information. These are only the more recognized complications when assessing call centers, so how can plan sponsors and providers offer dependable—and reliable—material to participants?Read more >
As retirement plan sponsors focus on increasing retirement income replacement ratios for participants and new generations enter the workforce, they need to look at enhancing their retirement programs so participant retirement goals are met.Read more >
Drawing insights from across the entire Prudential Financial organization, Josh Cohen, PGIM head of defined contribution, offers some sobering statistics about the performance of DC plans—as well as some strategies for broadly boosting plan performance and participant outcomes.Read more >