Survey data demonstrates asset managers, recordkeepers, consultants and plan sponsors talk past each other regarding retirement income solutions, Cerulli says.
Tag: Plan Design
Now that automatic and default features have gained widespread acceptance in DC retirement plans, it may be time to consider additional steps to further enhance participant retirement preparedness.
Jana Steele, senior vice president and researcher for Callan, says auto-portability is the next natural extension of highly successful plan design innovations from the past decade.
Setting defaults too low, choosing the wrong default investment and offering company stock as an investment option could result in unintended consequences, BlackRock found.
The average 401(k) balance reached an all-time high of $106,500 in the third quarter, and the average 403(b) balance is nearly double what it was a decade ago, according to Fidelity Investments.
The challenge of learning to think strategically impacts plans of all sizes, says Mel Hooker at Wells Fargo; even large employers with ample resources can have trouble setting goals and knowing how to pursue them.
Above-average-rated plans are more apt to be found at companies with 20% to 80% higher profitability than are average-rated plans, says T. Rowe Price.
Sponsors of defined contribution (DC) plans are invited to respond to our annual DC Survey. The survey is our largest and most important research project of the year, but we need your help for it to be a success. Please consider responding by the October 19 deadline.
A plan participant relied on language in the SPD regarding eligibility for benefits, and the appellate court found the SPD inaccurately portrayed provisions of the plan document.
Preparing participants financially to be able to retire beat out reducing plan costs as plan sponsors' top concern in this year's Fidelity Investments Plan Sponsor Attitudes Study.
The dispositive question is not whether the claimants were employees but whether, considering them as employees, they were eligible to participate in an ERISA plan according to the specific terms of the plan under consideration.
In addition, Vanguard found among its book of business a large increase in the number of small businesses offering retirement plans to employees.
They are on track to replace 75% of their income, compared to 64% for Americans overall.
“We continue to see the significant impact plan design and financial wellness programs have on participant behavior, as evidenced by the increase in both participation and deferral rates and decrease in loan usage,” says Aimee DeCamillo, head of T. Rowe Price Retirement Plan Services.
The district court’s new decision comes after its previous move denying defendants’ motion for summary judgment against plaintiffs’ claims, which cover a variety of fiduciary breach allegations; a new ruling is now forthcoming.
As skilled Baby Boomer employees begin to reach the traditional retirement age, employers need to examine their policies and procedures to address the potential loss of talented and experienced workers.
Data from BMO GAM shows DC retirement plan fees have fallen for all sizes of plan sponsors except those with between $10 million and $50 million in assets.
Speaking at the Plan Sponsor Council of America (PSCA) 71st Annual National Conference, Brodie Wood, SVP of healthcare, education and not-for-profit markets at Transamerica Retirement Solutions, discussed the efficiencies and benefits a closed MEP can offer not-for-profit 403(b) plans.