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.Read more >
While defined contribution plans showed resilience during the Great Depression and recovery, more can be done to help participants, Transamerica Center for Retirement Studies says.Read more >
More are using automatic plan features, fiduciary advisers and investment policy statements, the Plan Sponsor Council of America (PSCA) finds.Read more >
Among other things, it is recommended that plan sponsors minimize requests for and use of personally identifiable information and review recordkeepers’ security procedures.Read more >
