What’s in Your Plans?

Please confirm what your advisor(s) recommended for 2020.

It is October. By now, you will probably have had an annual review with the advisor(s) for your individual account retirement savings plan.

Interestingly, advisors regularly ask us at PSCA to confirm plan sponsor priorities. I guess “inquiring minds want to know” remains a truism.¹ So, what did your advisor recommend in terms of plan design, plan administration, and/or investment changes for 2020?

If your advisor’s annual review is coming in the 4th Quarter, you may want to review recent NAPA (National Association of Plan Advisors) survey results.² Not surprising, the number one recommendation was to consider automatic features – enrollment, escalation, and re-enrollment. Other recommendations that made the top 10 list included: stretch match, investment re-enrollment to a QDIA, NQDC, CIT, managed accounts, ETFs, and retirement income.

The NAPA Net article includes links to other information gathered from retirement plan advisors – many who attended the NAPA Summit earlier this year.

Obviously, many of you already have automatic features, QDIA’s, etc. So, in addition to sharing the recommendations your advisor(s) made for 2020, let me know what items you have previously implemented from that NAPA list. Send me an email me at:  [email protected].

¹E. F. Hutton broker commercials, for example: https://www.youtube.com/watch?v=q7A-hbeIYfk

²NAPA Net Staff, What Are Retirement Advisors Recommending? 9/27/19, Accessed 9/30/19 at: https://www.napa-net.org/news-info/daily-news/what-are-retirement-advisors-recommending