WASHINGTON - April 6, 2020 - (Newswire.com)
The Defined Contribution Institutional Investment Association (DCIIA) is pleased to announce the publication of Five Practical Barriers to Better Retirement Outcomes: Assessing Challenges and Taking Action.
During this time of economic distress, plan sponsors may be examining their plan documents and having internal discussions about potential changes that may need to be considered to preserve their near-term financial stability. DCIIA encourages plan sponsors to also consider the points raised in this paper as part of their deliberations, including potentially timely issues such as:
Missing participants: Now is a good time to assess a plan’s current process for managing participant information and ensuring it’s updated.
401(k) loan leakage: Loan defaults may increase during an economic downturn. It’s a good time to assess how effectively an organization is communicating with participants about outstanding loans. Plan sponsors may also want to ensure that employees are aware of other options besides taking out a 401k loan.
Other potential roadblocks discussed in the paper include the movement of assets out of plans via rollovers, participants leaving the plan at retirement, and obstacles to in-plan annuities.
“Even in the midst of a crisis, plan sponsors and their service providers should remain focused on incremental actions to address administrative, operational and inertia-based challenges that may be negatively impacting outcomes in their 401(k) plan and the retirement security of its participants,” said Lew Minsky, President and CEO of DCIIA. “While we collectively focus on navigating today’s challenges, we also encourage plan sponsors to be mindful of their long-term goals and helping to ensure the retirement security of America’s workers.”
The paper is available in DCIIA’s online Resource Library (see dciia.org / Resources / Resource Library), which features links to more than 25 DCIIA publications and over 100 member publications.
Other recent DCIIA publications include:
Why GDPR Matters: A Reminder for US Retirement Plan Service Providers and Plan Sponsors: This primer outlines the General Data Protection Regulation (GDPR) and explores its potential implications for U.S. plan sponsors.
Design Matters: The Retirement Tier: A series of brief white papers highlighting the retirement tier’s benefits and challenges and providing a roadmap for implementation.
Sustainable Investing in DC - A Guide for Plan Sponsors: This paper explains sustainable investing fundamentals, the ESG investment case, fiduciary responsibility, and D.C. implementation options.
Please see our page on “Coronavirus / COVID-19 Resources” for links to related information from members, industry press, and nonprofits.
About DCIIA
Founded in 2010, the Defined Contribution Institutional Investment Association (DCIIA) is a non-profit association dedicated to enhancing the retirement security of America’s workers. DCIIA’s members include investment managers, consultants and advisors, law firms, record keepers, insurance companies, plan sponsors and other thought leaders who are collectively committed to the best interests of plan participants. For more information, visit www.dciia.org.
Related Links
DCIIA's Resource Library
Participant Perspectives (access white paper)
Press Release Service by Newswire.com
Original Source: Defined Contribution Institutional Investment Association (DCIIA) Publishes Action Items for Plan Sponsors
