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News Archive
QOTW: Diversity and Inclusion
This week we asked members if they take diversity and inclusion (D&I) into consideration in terms of retirement plan design and administration. This is an admittedly vague question, and as one member pointed out, you can’t lump design and administration together, especially in terms diversity and inclusion. The intent was to get a general... Read More >>
PSCA’s 2021 401(k) Day Campaign
Refocus, Revive, and Reset with PSCA’s New 401(k) Day® Campaign A bingo game provides financial wellness materials in a fun and encouraging way. The Plan Sponsor Council of America (PSCA) has launched a new campaign to help plan participants take a moment to focus on their finances in a fun and engaging way. PSCA, part of the American Retirement... Read More >>
QOTW: Missing Participants
This week we asked plan sponsors if they had a formal procedure in place to track missing participants, and if missing participants were a concern for the plan. A plurality do have a procedure inplace, and for most that don’t, it is a concern and they are in the process of creating a procedure. Some plans have an informal process in which they... Read More >>
DIY Stance Holding Back HSA Adoption
PSCA’s 3rd annual HSA survey finds some consistent trends emerging. Arlington, VA (August 10, 2021) – Many organizations still do not have a formal health savings account (HSA) program, leaving it up to the employee to set up and manage the account themselves, according to the Plan Sponsor Council of America’s annual Health Savings Account (HSA)... Read More >>
QOTW: Cybersecurity
This week we asked plan sponsors if they had made any changes as a result of the DOL Guidance on Cybersecurity. Three-fourths have not, though it is clearly on their minds and on their to-do lists. Some plan sponsors had already made changes that exceed the DOL guidance, some have it scheduled for meetings with their providers, and some have... Read More >>
QOTW: Student Loan Matching in 401(k) Plans
This week we asked plan sponsors if they would be interested in providing a matching contribution to their retirement plans for employees who are making student loan payments if there were no concerns about non-discrimination testing. This proposed provision in the SECURE Act 2.0 aims to help employees who are paying student loans and not able to... Read More >>
QOTW: In-Plan Roth conversions
Roth conversions have been in the news lately spurred by a ProPublica story about Peter Thiel, founder of PayPal, having a Roth IRA worth $5 billion, followed by many articles discussing the pros and cons of Roth conversions. So last week we asked readers if their companies allow in-plan Roth conversions. A slim majority do not (43.8 percent),... Read More >>
QOTW: QBADs
Last week we asked plan sponsors if they have adopted the optional provision in the Secure Act that allows in-service withdrawals within 1 year of a birth or adoption of a dependent child. The provision allows for up to $5,000 per parent per child and waives the early withdrawal penalty. Though the responses varied from “yes, why not” to “no,... Read More >>
QOTW: Lifetime Income Projections
Nearly 60 percent (57.5 percent) of readers indicated that they already provide lifetime income projections to participants. This is up from the 42.5 percent that indicated they do in last year’s annual survey (2019 plan data), perhaps indicating that companies are moving to comply with the lifetime income mandate set to go into effect in... Read More >>
QOTW: LTPT Employee Eligibility
Three-fourths of respondents to our ICYMI Question of the Week already allow long-term, part-time (LTPT) employees to participate in the plan. This is consistent, if a little higher, than data from our 63rd annual survey (2019 plan year) where 70 percent allow salaried part-time workers to participate, and 63.7 percent allow hourly part-time... Read More >>