When it comes to designing a retirement plan, several sources can impact plan sponsor decisions. Detailed plan and participant analytics can offer insight into plan features that may improve participant chances for retirement readiness. In addition, participant suggestions or complaints may inform plan sponsor decisions. For plan administration, retirement plan providers are useful sources for help. In addition, cybersecurity has risen in importance as a factor in administration. This edition of PLANSPONSOR Weekend offers insight into both plan design and administration.
Willis Towers Watson believes plan-wide statistics on mean or median participation rates, balances or contribution rates measure aggregate data on all participants but offer little in the way of insight into retirement adequacy and meaningful benchmarks for individuals or segments of the population.
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The lawsuit says the so-called “incentive” Yale offers for participating in the wellness program are in fact a “penalty” that violates non-participants’ right, and it notes that the Equal Employment Opportunity Commission (EEOC) withdrew the incentive portions of its wellness program rules.