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Mandating Plan Eligibility at Age 18
Sponsored by MFS Investment Management. There is a proposal in Congress to change the minimum age requirement from 21 to 18 years old. PSCA annual survey data shows that 40 percent of plans currently have a minimum age requirement of 21, where the rest have either no minimum age requirement or already have an age 18 minimum. We wanted to know... Read More >>
How SECURE 2.0 Helps with Employee Financial Wellness: PSCA National
SECURE 2.0 was front and center for much of PSCA National, with many sessions detailing how it can be leveraged by plan sponsors to supercharge their offerings. Are plan sponsors fully utilizing emergency savings and understanding the attractiveness of student loan matching to a younger generation? Perhaps not, according to moderator Will Hansen... Read More >>
Operation Financial Wellness: PSCA National
This breakout workshop at PSCA National on May 4, 2023, covered resources and ideas for plan sponsors to implement a low-cost financial wellness program for employees. The workshop was presented by Tracy Tillery, Westchester Medical Center Health Network and Jillian Verspyck, Bank of America (Gillian Godjas, Belzona, was a contributor but not on... Read More >>
Retirement Savers, Investors Believe AI Will Change Everything
A wide majority of investors believe artificial intelligence (AI) will be an investing and trading game-changer and help advisors better serve clients, yet most (thankfully) also believe AI will never replace human advice. Morgan Stanley Wealth Management recently announced the results of its quarterly individual investor pulse survey. The results... Read More >>
Don’t Put Your Plan at Risk: PSCA National
A breakout workshop at PSCA’s National Conference on May 5th provided attendees a practical checklist of items to review annually to ensure their plan is legally compliant with all regulations. The workshop was presented by Ira Finn, Ryan Specialty Group, Maryanne Vuckovich, PMB Real Estate Services, and moderated by Samuel Haines, MMA Retirement... Read More >>
401(k) Contributions up in Q1, but Mixed Bag for Other Stats
According to Bank of America’s latest 401(k) Participant Pulse report, there was some good news to offset the less favorable news amid ongoing economic headwinds. Notably, the firm’s first quarter, 2023 data shows that fewer participants took loans, but for higher amounts, while hardships increased in number and amount. At the same time,... Read More >>
Half of Households at Risk of Lower Living Standards in Retirement
Retirement readiness remains a major challenge for many of today’s working-age households that may need to save more and/or work longer to improve their prospects for a secure retirement. That’s according to the Center for Retirement Research’s newly released National Retirement Risk Index (NRRI), which measures the percentage of working-age... Read More >>
Missing Participants: DIY or Locator Service?
Sponsored by MFS Investment Management. One of the sessions at last week’s National Conference was about missing participants. One of the suggestions was to engage a commercial locator service to help track down participants. Though most of the audience did not use such a service, some did and we wondered how prevalent this is among members.... Read More >>
Be a BOSS, don’t let your participants get lost!: PSCA National
One of the breakout workshops at PSCA national focused on the much talked-about challenge of tracking down missing participants. Judging by the hundreds of session attendees, it is a topic top-of-mind for plan administrators. The workshop was presented by plan sponsors Sharon Heymans with Occidental Petroleum Corporation, Rick Kucirek with Christ... Read More >>
Analyzing Participant Data by DEI Factors
Sponsored by MFS Investment Management. As there has been some recognition in the industry in the last couple of years about the retirement savings gap by gender and race, and many articles discussing how companies can beginning to address these gaps, we wondered if plan sponsors are looking at their participant data (participation and... Read More >>