Happy Friday, PLANSPONSOR readers! In addition to readers’ most popular stories for the week, in this edition of PLANSPONSOR Weekend we will focus on plan design and administration. This includes tips for reducing participant retirement plan loans, as well as research about how plan sponsors are increasing participant engagement and about the benefits of using longevity annuities in defined contribution (DC) plans. In addition, a report cites reasons plan sponsors change recordkeepers and/or investment managers, and experts suggest retirement savings solutions for part-time employees. Have a great weekend!
Educating retirement plan participants about the consequences of taking loans from their account balance, as well as a few plan design changes, can limit the amount of loans taken, IFEBP says.
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“Participant engagement growth has also been driven in part by employers making education more accessible with onsite meetings, webcasts and personal consultations,” Bank of America Merrill Lynch says.
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If legislation passes to allow for open multiple employer plans (MEPs) for plan sponsors without a common nexus, experts believe they will offer benefits to plan sponsors, but there would be some considerations to explore before joining one.