By Paula Aven Gladych
The Plan Sponsor Council of America is gathering responses its 56th Annual Survey questionnaire tracking trends in employer-sponsored defined contribution plans.
PSCA has expanded the survey to include plan fee benchmarking
, participant education and target-date fund structure.
“With the focus on plan fees the last few years, plan sponsors have been asking us for fee benchmarking data. The addition of the fee questions to the survey will allow us to provide this information and begin to trend plan fees,” said Bob Benish, PSCA’s interim president and executive director.
“With the recent economic fluctuations, there has been a discussion of how to best provide information to participants and whether we should be taking a more holistic financial wellness approach,” Benish said. “This is good in theory, but, are plan sponsors
committing the time and resources into doing this, and if so, how are they implementing it?”
The organization also will take a look at investment fund lineups, number of investment funds, plan loan and hardship withdrawal usage, participation and deferral rates, investment advice, target-date funds and automatic enrollment default deferral rates and auto-escalation.
The deadline for the survey responses is May 3. Visit www.psca.org/56th_questionnaire to fill it out. Companies that participate in the survey will receive a free copy of the results.
The Plan Sponsor Council of America (PSCA), a national non-profit association of 1,200 companies and their 6 million employees, advocates increased retirement security through profit sharing, 401(k)
, and related defined contribution programs to federal policymakers and makes practical assistance with profit sharing and 401(k) plan design, administration, investment, compliance, and communication available to its members.
Originally published on BenefitsPro.com