Thursday, September 18, 2014

The Search is On – What Plan Fiduciaries Need to Know to Locate Missing Participants

The Department of Labor (DOL) recently released Field Assistance Bulletin (FAB) 2014-01 entitled “Fiduciary Duties and Missing Participants in Terminated Defined Contribution Plans.” The FAB outlines the steps that plan fiduciaries must follow to meet their obligations under ERISA to locate missing participants and properly distribute participant account balances when a defined contribution plan has been terminated.

Thursday, September 4, 2014

Automatic Features in Defined Contribution Plans

According to the 2014 Retirement Plan Survey conducted by Strategic Benefit Services, approximately one-half of the responding retirement plan sponsors offer automatic enrollment. Offered in conjunction with automatic escalation, such features can positively impact participant behavior and improve retirement readiness. This article examines some best practices to be considered when implementing automatic features in defined contribution plans that can produce greater results per dollar of employer cost.