Retirement plan administration covers a host of duties, many of which are fiduciary duties, and doing what’s best for participants and helping them achieve their best outcomes for retirement is the main focus. Every year, plan sponsors work to improve plan design, and some ways to do this involve considering behavioral science. Plan sponsors also have to “save participants from themselves”—for example, by discouraging loans or getting them to become more engaged with their retirement plans. New trends are always emerging, and we hope that the articles in this edition of PLANSPONSOR Weekend helps plan sponsors stay on top of them.
Stressing what can be lost or gained, peer reviews and comparisons and certain plan design features are among the suggestions offered by the International Foundation of Employee Benefit Plans in a white paper.Read more >
Changes to maximum loan amounts and number of loans, as well as the imposition of fees and higher interest rates on loans can be written into loan policy statements in an effort to discourage this type of plan leakage.Read more >
As the use of digital and mobile technologies for employer-sponsored retirement plans continues to increase, a paper promoted by the Voya Behavioral Finance Institute for Innovation proposes that plan sponsors and advisers have a responsibility to consider websites and mobile applications that encourage better retirement decision-making.Read more >