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Action Items for Plan Sponsors -- "Practical Barriers to Better Outcomes"

Posted By Karen Witham, Wednesday, May 6, 2020

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.

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