The service now includes the option to include the Qualified Account Contribution Arrangement (QACA), Eligible Account Contribution Arrangement (EACA), or ACA notices in the same communications bundle.
The service offers a number of output options, including PDFs for distribution to plan sponsors for redistribution to participants and personalized notices for direct mailing to participants. In addition, content can include a mix of Newkirk’s version of notices or an uploaded version from the provider’s document system.
According to the announcement, the NewkirkOne QDIA notice includes:
- Fee disclosure information for all three types of acceptable investments: managed accounts, balanced funds, and target date funds
- Instructions for opting out of the default investment
- Short-term investment option information, where such an option exists
The NewkirkOne QACA notice includes:
- Explanation of how automatic enrollment and automatic deferral increase provisions work
- Vesting information
- Employer matching information
- Opt-out instructions for participants wishing to terminate their enrollment in the plan
- Opt-out instructions for participants who do not wish to participate in the plan’s automatic deferral increase