The new offering is a personalized communication designed to satisfy Department of Labor and Internal Revenue Service participant notice requirements for Qualified Automatic Contribution Arrangements (QACA), Eligible Automatic Contribution Arrangements (EACA), and Qualified Default Investment Alternatives (QDIA).
The automatic enrollment targeted communication includes:
- An explanation of how automatic enrollment and automatic deferral increase provisions work,
- An explanation of the employer match, and
- A participant-specific illustration of how deferrals and employer match contribute to a participant’s retirement nest egg.
The full-color, four-page communication can be mailed directly to participants or bulk-shipped to plan sponsors for redistribution to newly-eligible, automatically-enrolled participants.
“[T]his communication is much more than just a notice. It provides participant-specific illustrations of the impact of the deferrals and other information about the plan’s operation. And it presents the sponsor and the provider in a most attractive light,” noted Pete Newkirk, President of Newkirk, in a press release.
A demonstration is available here.
More information about Newkirk’s services is at www.newkirk.com.