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'Prep' Positions: Audit Proofing your Plan
Department of Labor audits are no fun, but they can be managed – if you know how... The one thing you don’t want is to find yourself in an audit situation unprepared. Come join us for an interactive and engaging session at the 75th PSCA National Conference on things you should be doing now to put you in the best position possible for that... Read More >>
QOTW: Financial Stress and Wellness Tools
This week we asked plan sponsors what they think the number one financial stressor for their employees is, and what they think it the most beneficial financial wellness tool in addressing the stressors. More than half of plan sponsors said that meeting monthly expenses and budgeting is the primary stressor, and thirty percent said the primary... Read More >>
QOTW: Desired Advisor Qualities
Last week we asked plan sponsors what qualities are most important in selecting a retirement plan advisor. The single most important quality, by far, is the services provided, cited by nearly half (47.6 percent) of respondents. The brand name of the firm and the fees they charge are low priority for plan sponsors. Comments from respondents... Read More >>
I’ve Got Just 5 Minutes With a Participant…How Do I Make it Count?
When you see your employees hard at work, what do you think they are thinking about? Yes, they may be thinking about a big project they are working on or reporting a sales goal which they have accomplished. But they may actually be thinking about something that has nothing to do with work, but might be affecting it – their finances. At the 75th... Read More >>
QOTW: Investment Advice
The COVID-19 pandemic and ensuing economic challenges has changed many aspects of work and benefits program. As employers look for ways to support employees with financial decisions, we wondered if there has been an increase in the availability of investment advice for retirement plan participants. Historically, according to our Annual Surveys of... Read More >>
(What’s) The Fiduciary Role of the Retirement Committee
Plan committees must often make tough decisions – and the time to be ready is before you have to make them. At the 75th PSCA National Conference we’ll explore how you get your people trained, the frequency of the training and who on your committees are considered fiduciaries. This session will also cover how to handle a group dynamic decision... Read More >>
QOTW: Eligibility Changes
In the most recent annual survey report, we saw an increase in the number of employees eligible to participate in retirement plans with shorter service requirements, lower age requirements, and more employee groups eligible to participate. Last week we asked members if they have made changes to plan eligibility requirements, and if not, do they... Read More >>
QOTW: Arbitration Clauses
Over the past couple of years arbitration clauses have been invoked to sidetrack and/or deflect participant litigation. This week we asked plan sponsors if their plan has such a clause. Only one respondent indicated that they do, more than half (56.9 percent) do not, and the rest are unsure. A handful of respondents stated that they are currently... Read More >>
Disclosure “Closure?”
The lifetime income participant-disclosure requirement is here and in effect for all retirement plan statements sent after September 2021. So, how can you create meaningful communications that fulfill the legal requirements, and still give your participants realistic insight into their future retirement income, and savings adjustments that may be... Read More >>
‘Prep’ Positions: Audit Proofing your Plan
Department of Labor audits are no fun – to put it mildly – but they can be managed. The one thing you don’t want is to find yourself in an audit situation unprepared. Come join us for an interactive and engaging session on things you should be doing now to put you in the best position possible for that inevitable day when you get that letter from... Read More >>