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Plan Sponsors and Educating on Risk Literacy
Participants’ understanding of their retirement plans and individual prospects can be more well-rounded and complete if plan sponsors include risk literacy in their efforts to inform and educate, argues an industry expert. Risk literacy is a “crucial aspect of participant education” that is often neglected, posits PlanPILOT Managing Director Mark... Read More >>
Are Plan Sponsors Winning More Fiduciary Breach Dismissal Motions?
Is the litigation tide turning in favor of plan sponsors? That’s a growing perception but one contradicted by data, at least when it comes to dismissal motions. Fiduciary liability insurance provider Euclid Fiduciary found that, as of the end of July, plan sponsors “are only winning approximately 30% of dismissal motions—even less than the 35%... Read More >>
Sponsors Agree: Retirement Income Has Become a ‘Core’ DC Plan Purpose
A new survey of plan sponsors reveals that many continue to broaden efforts to help participants achieve retirement security across employee financial wellness, plan design, and increasingly—retirement income. Findings from J.P. Morgan Asset Management’s fifth survey of U.S. defined contribution (DC) plan sponsors show that nearly 60% believe... Read More >>
Automatic (Re)Enrollment
Sponsored by Allianz Life Insurance Company of North America Legislation was recently reintroduced in the Senate that would provide a safe harbor for reenrolling nonparticipants at least once every three years (but not less than once a year). Plans already have the ability to reenroll nonparticipants annually so we wondered what impact this... Read More >>
(How) Has COVID Changed Retirement Expectations?
A new study reviews data from two databases[1] to see how (if?) retirement expectations have been impacted by the experience of the COVID-19 pandemic. The research—titled “Retirement Expectations vs. Reality: Factors that Impact Retirement Decisions” and authored by Liu, Zhikun Liu, David Blanchett, Qi Sun & Naomi Fink—concludes pretty... Read More >>
Ready for Roth(ups)?
Sponsored by Allianz Life Insurance Company of North America One of the provisions of SECURE 2.0 that goes into effect Jan 1, 2024, is the requirement that all catchup contributions be Roth contributions for participants earning more $145,000 or more per year. Because of the complexity in administering this, many in the industry are pushing for a... Read More >>
Monthly Installment Payments for Retirees
Sponsored by Allianz Life Insurance Company of North America We recently received a question from a reporter about retirees being able to set up monthly payments from their accounts. Our annual survey data shows that about 2/3 of plans allow retirees to take partial/periodic withdrawals or set up installment payments but we didn’t capture how... Read More >>
SECURE 2.0: Emergency Withdrawal for Domestic Violence Victims Provision
Sponsored by Allianz Life Insurance Company of North America Last week we asked members if they will be adding an optional provision in SECURE 2.0 that allows for a penalty-free emergency distribution, up to $10,000, for domestic violence victims. This provision goes into effect January 1, 2024, and is optional for companies to add or not. While... Read More >>
Tchotchke Choice?
Sponsored by Allianz Life Insurance Company of North America One of the optional provisions of SECURE 2.0 allows plan sponsors to provide small financial incentives to employees to encourage retirement plan participation. One provider recently announced a “cash back” program to encourage participation. This made us wonder what plan sponsors think... Read More >>
Cybersecurity Insurance
Sponsored by Allianz Life Insurance Company of North America At PSCA’s Annual Conference last month, Assistant Secretary of Labor Lisa Gomez stated that plan sponsors should have cybersecurity liability insurance as part of their fiduciary duty. She stated that some plan sponsors often think that if the company has cybersecurity liability... Read More >>