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News Archive
QOTW: Cybersecurity
This week we asked plan sponsors if they had made any changes as a result of the DOL Guidance on Cybersecurity. Three-fourths have not, though it is clearly on their minds and on their to-do lists. Some plan sponsors had already made changes that exceed the DOL guidance, some have it scheduled for meetings with their providers, and some have... Read More >>
QOTW: Student Loan Matching in 401(k) Plans
This week we asked plan sponsors if they would be interested in providing a matching contribution to their retirement plans for employees who are making student loan payments if there were no concerns about non-discrimination testing. This proposed provision in the SECURE Act 2.0 aims to help employees who are paying student loans and not able to... Read More >>
QOTW: In-Plan Roth conversions
Roth conversions have been in the news lately spurred by a ProPublica story about Peter Thiel, founder of PayPal, having a Roth IRA worth $5 billion, followed by many articles discussing the pros and cons of Roth conversions. So last week we asked readers if their companies allow in-plan Roth conversions. A slim majority do not (43.8 percent),... Read More >>
QOTW: QBADs
Last week we asked plan sponsors if they have adopted the optional provision in the Secure Act that allows in-service withdrawals within 1 year of a birth or adoption of a dependent child. The provision allows for up to $5,000 per parent per child and waives the early withdrawal penalty. Though the responses varied from “yes, why not” to “no,... Read More >>
QOTW: Lifetime Income Projections
Nearly 60 percent (57.5 percent) of readers indicated that they already provide lifetime income projections to participants. This is up from the 42.5 percent that indicated they do in last year’s annual survey (2019 plan data), perhaps indicating that companies are moving to comply with the lifetime income mandate set to go into effect in... Read More >>
QOTW: LTPT Employee Eligibility
Three-fourths of respondents to our ICYMI Question of the Week already allow long-term, part-time (LTPT) employees to participate in the plan. This is consistent, if a little higher, than data from our 63rd annual survey (2019 plan year) where 70 percent allow salaried part-time workers to participate, and 63.7 percent allow hourly part-time... Read More >>
A “Not-so-Broke” Millennial Breaks Down Benefits Communications
At the recent Plan Sponsor Council of America’s National Conference, Erin Lowry, author of the “Broke Millennial” book series offered insights on better communication with younger workers. At the outset, Lowry explained the tensions that currently exist between Millennials and the demographic group behind them – Gen Z (as a side note, apparently... Read More >>
Overcoming HSA Barriers
Even though health savings accounts (HSAs) have been around for more than 15 years, plan sponsors – and participants – still encounter common barriers to effectively implement and utilize HSAs. At the recent Plan Sponsor Council of America’s National Conference, a panel comprised of plan sponsors and providers focused on the barriers to a more... Read More >>
Creating Engagement in a Virtual World
The pandemic has heralded and accelerated many changes—and that includes engaging with clients and imparting knowledge and information. An April 19 session of the Plan Sponsor Council of America’s 2021 National Conference addressed how to create engagement in an increasingly virtual world. The session featured the insights of Sheri Fitts,... Read More >>
Two Former DOL Officials Speak
Participants in the recent Plan Sponsor Council of America’s National Conference recently got an opportunity few do – two former Assistant Secretaries of Labor from different administrations on the same stage. The session, moderated by former Congressman Harold Ford, Jr. (now with PNC), provided an opportunity to hear from Phyllis Borzi and... Read More >>