Months after a settlement agreement was preliminarily
approved in the case of Overall v. Ascension Health, the health care entity has
agreed to a settlement agreement with the Wheaton Franciscan System Retirement
Plan in a similar case challenging the plan’s “church plan” status under the
Employee Retirement Income Security Act.
Only one-third of participants correctly identified the
benefits of Roth contributions—that contributions are made after-tax, and that
money grows tax-free with no taxes paid when withdrawn at retirement.
While the presentation of materials varies quite a bit
across the providers considered, there is more uniformity concerning the topics
covered. More than two-thirds of firms offer materials on understanding and
comparing defined contribution plans.