In the spirit of the season, one might even think of this as âtrickingâ employees to save. Plans sponsors are already using these tricks.
Tag "plan participant"
Participation is one thing. Itâs critical that retirement savers build on the momentum of participation and use that to increase the amount of dollars that get contributed to their article. How can plan sponsors facilitate this?
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.
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.
Well, if weâre thinking outside the box, why not go big? It turns out, retirement planning isnât just about accumulating sources of future funds.
Before you get all excited and look to replace your home equity loan with a 401k loan, you should consider these things.
Nobodyâs perfect. Itâs unfair to expect recordkeepers to be. Everyone makes mistakesâeven recordkeepers. The problem is what happens when a mistake occurs.
Retirees should think for themselves and what alternatives they have regarding their retirement assets. These arenât the same as they were when they were working.
More sophisticated plan participants who can afford to hire their own adviser. They donât ask more from the plan. They ask for less, in hopes of gaining more control over their own destiny. For a variety of reasons, this isnât as easy as some participants would like it to be.
Just as these changes come bearing down, so, too, does a need for greater hand holding. Pressures within the provider industry, however, appear to be reducing the number of available hands.
