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News Archive
QOTW: Education
This week we asked members how often they provide retirement plan education to participants – is it a one and done at hire/eligibility, an annual education program, ad hoc, etc., and we also asked what their biggest challenge with plan education is. A plurality (40.0 percent) indicated they provide education throughout the year on an ad-hoc basis... Read More >>
QOTW: Great Resignation
In the last 18 months many employees have left jobs as the pressure from the pandemic caused a shift both in the responsibilities people are juggling, and the mindset of many Americans around work and work/life balance. We were curious if, as part of this “great resignation,” employers were noting an uptick in workers retiring sooner than they had... Read More >>
QOTW: RFPs
We asked members how long it has been since their company has put out an RFP for the retirement plan. The most common response was within the last 1-3 years (30.5 percent of plans), followed by “doing one now” (15.3 percent of plans). A common theme in the comments was that RFPs are a lot of time and work, and for those not doing them frequently,... Read More >>
QOTW: Financial Wellness
Financial wellness has been a “hot topic” for a while now, despite the fact that there is (still) not a consensus as to its definition (go ahead, google “financial wellness definition” and watch your head spin), and in the last 18 months as we have dealt with the pandemic and its impact on the labor market, there is a general sense that there is,... Read More >>
QOTW: Fiduciary Insurance
At the request of a member looking to benchmark fiduciary insurance,we asked ICYMI readers if their company carries fiduciary liability insurance, and if so, at what level. The majority of respondents (78.7 percent) indicated they carry fiduciary insurance, though there was a wide range of coverage levels. The amount of insurance ranges from 0.... Read More >>
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 >>