The firm says the new PEP features higher contribution limits relative to CalSavers.
Tag: SECURE Act
But there are some options employers have with respect to enforcing this, such as allowing part-time employees to make their own contributions.
Commenters at a Senate Finance Committee hearing held Wednesday sure hoped so—and they had a lot of ambitious ideas.
A Q&A addresses the auto-enrollment cap and safe harbor notice requirements.
The two items that may require an amendment relate to difficulty of care payments treated as compensation for 415 limits, and the application of cooperative and small employer charity pension plan rules.
One retirement plan industry executive says his conversations with members of the U.S. House and Senate make him optimistic that Congress could act sooner rather than later on the new legislation.
With its PEP, the firm plans to simplify plan administration and reduce fiduciary risk to help more businesses offer a retirement plan.
Financial advisers can help part-time employees who will be newly eligible for retirement plans under the SECURE Act get familiar with savings concepts.
The bipartisan piece of legislation includes provisions that have long been popular among retirement industry stakeholders, including the elimination of barriers to allow greater use of lifetime income products.
For their part, participants say they feel the pandemic has make their retirement savings more vulnerable.
Panelists discussed how employers can add different lifetime income options into their plans and the appropriate products to use.
Retirement plan advisers were given ideas to consider and actions to take in response to new legislation, regulation and litigation.
Leading defined contribution (DC) consultants also expect participants will increase their savings rates.