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The Evolving Workscape - WiR Third Thursdays Podcast
Listen on iTunes | Listen on Spotify | Listen on Google Podcasts March 2024 Episode Description: With the aging population growing so rapidly and birth rates declining, many industries could face labor shortages. As many employers face a coming wave of baby-boomer retirements, the gaps in unique skills, experience, and institutional knowledge... Read More >>
Fee Disclosure Discourse
Sponsored by: MFS Investment Management About 15 years ago, the DOL mandated recordkeepers provide detailed fee disclosure reports to plan sponsors, and that plan sponsors do the same for participants. The belief was that participants did not understand fees associated with investment options in the 401(k) plan and this mandate was intended to... Read More >>
Plan Sponsors Recognize the Value of Fiduciary Oversight: Survey
In what may come as no surprise, a new survey that looks at plan sponsor attitudes toward retirement plan management finds that plan sponsors that use outsourced fiduciaries highly value the service as an important backstop. When asked what resources they currently use to help manage fiduciary responsibility for their retirement plan, more than... Read More >>
Plan Sponsors Continuing to Improve Plan Designs, Study Says
An early preview of Vanguard’s How America Saves 2024 finds that plan sponsors are continuing to improve their plan designs. The report reveals that 60% of plans with an automatic enrollment design defaulted their employees into the plan at a rate of 4% or higher—which is a new record high and a trend that has continued to increase every year.... Read More >>
SECURE Distributions
Sponsored by: MFS Investment Management There are several optional provisions in SECURE 2.0 (and one in SECURE 1.0) which allow participants to take a plan distribution without a penalty under specific circumstances – in the event of a natural disaster, in the event of the birth or adoption of a dependent, for victims of domestic violence, or if... Read More >>
Employer Roth Contributions: Tips and Insights
It is now possible to offer plan participants in 401(k), 403(b), and 457(b) plans the option to treat employer contributions as Roth contributions, under the SECURE 2.0 Act. More precisely, it is Section 604 of the SECURE 2.0 Act that allows plan participants to elect to have any fully vested employer contributions funded to a defined... Read More >>
‘Employment Extenders’ and What Their Proliferation Means for Retirement Plans
The “Baby Boom” is still having an impact on the workplace despite its advancing age, with an increasing number from that generation staying in the workforce longer than the “normal” retirement age. And that has implications for plan sponsors, retirement saving, and retirement plans. Extended Tour of Duty Edge Research examined this trend in “... Read More >>
Action Steps an Employer Can Take to Support Gen Z in Saving
Editor’s Note: This is part II of a two-part series. Part I is available here. Generation Z is looking ahead and shows a healthy regard and respect for their financial future, long-term. Studies show that they have a strong interest in financial literacy, saving and employer-provided retirement benefits. Members of Gen Z also expect to spend 30... Read More >>
IRS Expects to Fix Glitch Affecting Form 8955 Refunds
The IRS has confirmed that they expect to fix a system-wide glitch that has resulted in improperly withheld refunds of erroneous penalties related to Form 8955-SSA filings. Kelsey Mayo, the American Retirement Association’s Director of Regulatory Policy, reports that some plan sponsors’ refunds have been improperly withheld, but that the IRS has... Read More >>
Communication Strategies to Tackle Common Participant Savings Barriers
How are you communicating your benefits to your employees? It is so important that we get information to our employees and provide them with the communication and education they deserve. Tackling communication in the right way has potential to enhance retention and recruitment strategies and will build stronger employee and employer relationships... Read More >>