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QOTW: 2023 Plan Priorities

As we look ahead to next year, we asked plan sponsors what retirement plan items they are prioritizing for 2023. The top priority, somewhat surprisingly, is providing financial wellness tools cited as the number one priority by 21.1 percent of respondents and cited in the top three by more than half of respondents.

The second most cited plan priority in the top three is enhancing plan education. Perhaps noting that increasing deferral rates in the face of inflation and an uncertain economy might be an uphill battle, employers seem focused on providing education and tools to help participants maintain retirement savings and planning, though increasing savings rates still comes in third.  

Other comments include:

  • Anticipate emphasis to be on M&A plan conversions next year. Keeping initiatives to a minimum.
  • Business performance will dictate what initiatives with cost associated we may be able to add in 2023. However, I expect SECURE 2.0 will have the biggest impact on what changes are made to our companies’ retirement plans.
  • Change the eligibility requirements to increase participation
  • Discussing a match rate change, discussing auto escalation for participants, discussing a total re-enrollment.
  • Getting people to designate a beneficiary.
  • If I could add a #4, we would like to enhance participant education.
  • If Secure 2.0 passes, we will be spending time reviewing what features to implement or what changes we need to change internally with payroll and/or the vendor.
  • Looking to add an in-plan annuity option
  • Main priority is trying to introduce a 401(k) match.
  • Medicare/Social Security education
  • Moving to a Safe Harbor Plan in 2023.
  • Our financial education had been pretty high level, not really meeting the needs of a younger population. Brining in some basics. Also plan to enhance discussions on managed accounts as an option.
  • Our Plan adopted a Fee Policy Statement and is implementing a new "admin" fee and we've stopped using Rev Shares to offset plan expenses.
  • Plan is running well and the auto enrollment feature at 5% along with the 1% annual auto increase up to 10% is really helping to bolster participation percentage at higher savings rates!!
  • Providing retirement income options for participants
  • Putting together a solid, maintainable plan to find participants who have unclaimed checks.
  • We added ESG in 2022. We are looking to add more financial wellness options for our employees in 2023.
  • We are looking at adding managed accounts capability to participants.
  • We will offer more retirement education to our participants