How strong an argument is there for auto-enrollment? Remember, the key feature of the 2006 Pension Protection Act was to encourage auto-enrollment. The SECURE Act has even stronger language.
Tag "401k"
These service providers bring in expertise and can engage the worker directly. Once set in place, the plan sponsor can step aside and let the system run on its own.
Itâs clear, then, that thereâs a problem. In order how to best come up cure for Covid-related leakage, we have to zero in on exactly when the trouble lies.
The DOLâs guidance on missing plan participants appears just as effective as its week 2012 Mutual Fund Fee Disclosure Rule. Yes, itâs there, but it has no viability. Still, that doesnât mean 401k plan sponsors can ignore the issue, even if they have not lost participants.
The challenge is plan sponsors often canât determine if an account is forgotten until some triggering event. And by that time, itâs too late.
So what if a few very high net savers end up with bigger retirement plans? Good for them. The point is to make it easier for more people to save more.
This week is all about those wayward 401k features that are well beyond their expiration date. Careful, though. In the process, youâll see whatâs garbage to one is a work of art to another.
Well, if weâre thinking outside the box, why not go big? It turns out, retirement planning isnât just about accumulating sources of future funds.
This week weâll be focusing on those favorite features as judged by the retirement plan professionals we interviewed. Donât be surprised if over the next few weeks you discover that one providerâs treasure is another providerâs trash.