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2021 Retirement Plan Limits
Most of the key plan limits remain unchanged for 2021 from 2020 levels with the notable exception of the combined DC annual contribution limit, which increased to $58,000, and the annual compensation limit increase to $290,000. The ESOP maximum balance limit also increased. Below are the limits for 2019-2021 with changes highlighted. See IRS... Read More >>
PSCA Submits Comment Letter on Proxy Voting Rule
In response to the Department of Labor’s (DOL) proposed rule addressing fiduciary duties, PSCA submitted a comment letter, stating our primary concern is that the rule is not needed. Existing guidance regarding fiduciaries’ duties relating to securities held in portfolios of ERISA retirement plans, including proxy voting policy and other legal... Read More >>
DOL Unveils (Interim Final) Lifetime Income Disclosure Rule
In the latest of a series of regulatory announcements, updates and proposals, the Labor Department has unveiled an interim final rule on lifetime income disclosures under the SECURE Act. Under the interim final rule, retirement plans would provide lifetime income illustrations using prescribed assumptions designed, the Labor Department notes, “to... Read More >>
2020 Signature Award Winners: Provider Campaigns – Plan Sponsor Education
This category acknowledges the work of service providers in developing broad-based campaigns that provide plan sponsors and retirement plan committees with the information they need to build better retirement plans. 1st Place – Prudential Retirement Prudential decided to create separate marketing campaigns based on company industry to educate... Read More >>
2020 Signature Award Winners: Provider Campaigns - Participant Education
This category acknowledges the work of service providers in developing broad-based campaigns that include communications to plan participants in a provider’s client base or a subset of their clients. 1st Place – MassMutual MassMutual wanted to use its annual campaign to educate and inspire participants to take positive action towards saving for... Read More >>
2020 Signature Award Winners: Promoting Participation – Small Company
This category includes education campaigns and communications that promote employee participation – to save, or to save more for retirement, in plans with 5,000 or fewer employees. Entries could be either complete campaigns or singular one-time communications efforts focused on overall participation, or increasing savings rates, or both, and for a... Read More >>
2020 Signature Award Winners: Promoting Participation – Large Company
This category includes education campaigns and communications that promote employee participation – to save, or to save more for retirement, in plans with more than 5,000 employees. Entries could be complete campaigns or singular one-time communications efforts focused on overall participation, or increasing savings rates, or both. 1st Place –... Read More >>
BREAKING NEWS: DOL Unveils New Fiduciary Rule Proposal
The Labor Department has finally unveiled its much-anticipated fiduciary rule, though it’s a mixed bag, has a certain “back to the future” feel, along with some new implications for recordkeepers, pooled employer plans, and rollover advice. Titled “Improving Investment Advice for Workers & Retirees,” the proposal – and it’s just that at this... Read More >>
2020 Signature Award Winners - Plan Changes, Small Company
Plan Changes – Small Company (5,000 employees or fewer) Change – even change for the good – can be difficult for workers to absorb and embrace. Plan Changes – Small Company involve announcing and facilitating changes in plans with 5,000 or fewer employees in a way that is easy to understand, educational, and engaging to employees. These... Read More >>
PSCA Survey: CARES Act and Covid-19 Impact on Retirement Plans
PSCA conducted a snapshot survey of plan sponsors in early June to determine what changes they have made since our April survey regarding the Coronavirus Aid, Relief, and Economic Security (CARES) Act and the COVID-19 pandemic. The survey received responses from 137 organizations that sponsor a defined contribution plan for employees. Read more... Read More >>