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News Archive
QOTW: Beneficiary Forms
A PSCA member reached out stating that they struggle to get more than 2/3 of participants to complete a beneficiary designation form and wondered if other companies have strategies to increase that rate. This appears to be a very common dilemma among members as only a quarter of respondents indicated that most of their participant have valid... Read More >>
QOTW: Plan Documents
For our last QOTW in 2022, we asked members about their plan documents. We have heard that plan documents can be a challenge to read and understand, especially if they have been updated and amended repeatedly. PSCA’s National Conference Committee is planning a session at next year’s National Conference to help plan sponsors understand these... Read More >>
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... Read More >>
QOTW: Plan Audits
New rules went into effect regarding plan audits effective Dec. 15, 2021 (ERISA Section 103(a)(3)(C)). We have heard from a few plan sponsors that the audit process was more time consuming and comprehensive this year to meet the new standards. Last week we asked members what their 2021 plan audit experience was and if it was more complex than in... Read More >>
QOTW: Annuities in TDFs
We have had some questions lately about annuities in target-date funds after a recent report from Cerulli. We haven't heard of many plan sponsors offering these yet, but are curious if anyone is, and if it will be a trend in the future. We asked members in this week’s QOTW if they offer a TDF with an annuity and their thoughts on these products.... Read More >>
QOTW: Gen Z Savers
Last week a new report from BlackRock showed that Gen Z savers are saving at higher rates than other generations – at an average of 14% of pay (though the report doesn’t specify if that is deferrals only or includes employer contributions). This seems high, but the notion that younger workers are saving at higher rates than other generations is... Read More >>
2022 HSA Survey
PSCA's annual HSA Survey is out now. Read more> Read More >>
QOTW: Contribution Changes
Last week a reporter asked for data on companies suspending 401(k) contributions due to economic conditions. This is not something we had heard from members – in fact we know many companies are looking at increasing contributions and benefits to attract talent. But a google search shows a couple companies announcing match suspensions so we asked... Read More >>
2023 Retirement Plan Limits
As expected, many of the key plan limits increased for the 2023 plan year including the elective deferral limit, the DC Plan combined limit, and the annual compensation limit. Below are the limits for 2020-2023 – click here for a downloadable version. See IRS notice 2022-55 for a complete list of all plan limitation amounts. 2020 2021 2022... Read More >>
QOTW: Catch-ups
A provision in the EARN bill in the Senate included a requirement for catch-up contributions to be Roth after-tax contributions (as a pay-for for other provisions). We wondered how much participants actually use the catchup provisions and what impact a Roth requirement would have. Thirty percent of respondents indicated that about half of eligible... Read More >>