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News Archive
'Prime' Time: “On Time” Retirements and Your Bottom Line
Want to add $1 million to your organization’s bottom line? When people reach retirement age and are unable – or think they are unable – to retire, they may “hang around” longer than they want to – beyond their best productivity, and at a significant cost to your business. On the other hand, leading just 5 employees to a successful, “on-time”... Read More >>
Entry 'Points': Engaging Entry-Level Workers
Whether you’re motivated by enhancing the appreciation of your retirement savings programs, focused on retention, or struggling to recruit, it’s important to engage and encourage good savings behaviors of your front-line and early career workers. It’s just one of the amazing general session opportunities at the Plan Sponsor Council of America’s... Read More >>
It’s Here!
Sure, the holidays are right around the corner – but there’s something almost as exciting – did you miss it? It’s the opening of registration for the 75th annual Plan Sponsor Council of America’s Annual Conference, April 28 and 29 in Phoenix, Arizona! That’s right - it’s been a long time coming but we’re finally preparing to reunite and salute... Read More >>
QOTW: Incentives
During a recent PSCA HSA committee meeting, the topic of providing incentives to employees to be fully vaccinated against the coronavirus was raised. Members stated they knew some companies were providing incentives through their wellness program and they wondered if anyone was providing the incentive through the health savings account (HSA)... Read More >>
QOTW: Lifetime Income Safe Harbor
Lifetime income options in retirement plans continue to be a “hot topic” in the industry, but plan sponsors are still hesitant to add them, and uptake remains low. This week we asked members if the Safe Harbor provision in the SECURE Act regarding selection of a Lifetime Income provider has prompted them to reconsider adding a lifetime income... Read More >>
QOTW: Auto-portability
Nearly 80 percent of plan sponsors surveyed have never heard of “auto portability” – a relatively new feature that would automatically move account balances from terminated employers to new employers, where possible. The feedback varies from “would like to know more” to “not our responsibility” – read more comments below. Adopted it We transfer... Read More >>
2022 Retirement Plan Limits
As expected, many of the key plan limits increased for the 2022 plan year, including the elective deferral limit, the DC Plan combined limit, and the annual compensation limit. Below are the limits for 2020-2022 with changes highlighted – click here for a downloadable version. See IRS notice IR-2021-61 for a complete list of all plan limitation... Read More >>
QOTW: Retaining Participants
This week we asked plan sponsors if their organization actively makes an effort to keep ex-participant accounts in the plan. Three-fourths of respondents do not – though most say they allow it and provide education on the options, they do not actively try to retain assets in the plan. Many of these plans cited the increased administrative burden... Read More >>
QOTW: Fiduciary Insurance Increases
At a recent committee meeting, a few plan sponsors noted that the renewal process for fiduciary liability insurance was more comprehensive this year, with many new questions, including questions on excessive plan fees, and rates were going up. We asked ICYMI readers this week if that was their experience as well. A few of you noted that it was,... Read More >>
Fiduciary Insurers Follow Plaintiffs’ Paths
Fiduciary liability insurers have apparently taken note of the recent surge in excessive fee suits—and are now making pointed inquiries based on the plaintiffs’ bar’s playbook. This “new”[i] generation of questionnaires cover the same type questions outlined above, but now get into areas such as how fiduciaries are selected, as well as whether a... Read More >>