Designing a retirement plan that produces optimal retirement outcomes for participants is no easy task. Defined contribution (DC) retirement plan sponsors have to consider the right plan features and investment options, among other things. Fortunately, they have access to a greater amount of data than previously about their plan participants, which can help them with retirement plan design and communications. In addition, plan sponsors can learn from their peers’ successes and get help from plan adviser and provider experiences and insights. This edition of PLANSPONSOR Weekend focuses on plan design and administration.
Terry Dunne, senior vice president and managing director of Retirement Services at Millennium Trust Company, says when plan sponsors spend so much time and energy trying to create a retirement plan, they should not just focus on the specific period of time when someone works, but also for when someone retires.
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An institutional investment approach uses outcome-oriented investments, broad asset class diversification, best-of-breed investment management, a thoughtful mix of active and passive strategies and are vehicle agnostic, a report notes.
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The plaintiffs say the plan’s terms reduce benefits using “Early Retirement Factors” and “Joint and Survivor Annuity Factors” which result in plan participants receiving less than the actuarial equivalent of their vested accrued benefit, as required by ERISA.
Employers are encouraging the use of biosimilars instead of specialty pharmacy products, creating an environment that makes it clear and easy for employees to opt for high-value services, and engaging effective programs to help manage anxiety and stress.
The Retirement Savings Selector Tool for Small Businesses was created to help small businesses identify a retirement savings option that may be a fit for their business by answering a few quick and easy questions.