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.
Tag: Plan Design
Strong asset returns and an increase in voluntary contribution activity drove DB plan funded levels significantly higher over the last year; on the other side of the ledger, however, lower discount rates offset some of the gains.
While there is strong optimism concerning the equity markets and long-term growth, there is also a lack of specific planning on the key topics of income planning, Social Security optimization, health care costs and more.
Employer contributions and loans are also prevalent, a Brightscope/ICI report says.
An in-depth review of the results of the latest BlackRock Defined Contribution Pulse Survey show the largest plan sponsors continue to push for the most progressive best practices and plan designs.
Empower’s PlanVisualizer aims to create a holistic view of a client’s retirement plan in its current state, along with the ability to model how changes to key design elements can potentially affect participant preparedness.
Survey data shows a sizable group of retirement plan participants have lowered their contributions in the last year to address debt, unexpected bills, health care costs and other challenges.
All employees would have 6% of their income contributed to a workplace retirement plan and have these contributions automatically escalated each year.
Perhaps since the first five years of their working lives is the time period respondents to an American Century survey have the most regret about saving for retirement, they find automatic retirement plan features important.
Among plans with both automatic enrollment and escalation, 70% have participants saving 10% of more.
Among other adjustments viewed as vital to the expansion of open multiple employer plans, the bill would remove the “one bad apple” rule and the commonality requirement.
The first step, AB says, is to replace TDFs from recordkeepers with open architecture, next-gen TDFs.
Automatic enrollment, higher initial deferral rates and financial counseling are just a few that more employers are adopting.
TIAA suggests other options for helping retirement plan participants with retirement readiness.
Immediate eligibility and no entry age requirement would help Generation Z benefit from the time value of money.
Fidelity reports that a record number of plan sponsors are actively looking to switch their plan advisers.
In order to attract and retain top talent, employers are integrating benefits programs to address key issues.