The administration of retirement plans involves more than just plan design operation, although that is very important to the retirement outcome of participants. Selecting investments for the retirement plan menu can also help with participant outcomes. Among a plan sponsor’s responsibilities, encouraging and enforcing cybersecurity are not the first tasks that come to mind. But, as modern technology takes over the common workplace, the concept of cybersecurity for retirement plans has started to see attention. And, knowing all the rules in the Employee Retirement Income Security Act (ERISA) includes knowing the rules about record retention. This edition of PLANSPONSOR Weekend focuses on helping plan sponsors with plan administration.
Participation rates were nearly 96% higher for plans—a difference of 40 percentage points—with auto enrollment; the usage of auto escalation was nearly five times higher in plans that employ opt-out options rather than opt-in, and employer match rates increased in 2018, T. Rowe Price found.Read more >
Even cases that allege potential wrongdoing on the part of a service provider are often targeted exclusively at the plan sponsor. Not so in the latest suit filed by the law firm Schlichter Bogard & Denton.