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Automatic (Enrollment) for the People - Losing Your Discretion

Adam C. Pozek 02/6/23
Ever since creating the ACA, EACA, and QACA as part of the Pension Protection Act of 2006, Congress has acted like automatic enrollment is the greatest thing since sliced bread when it comes to improving workers’ retirement savings (never mind how ridiculous those acronyms sound, especially all together like that).  They have continued down that ...
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What New Tax Credits are Available for Adding an Automatic Enrollment Feature to our Plan?

DWC 02/4/20
Facts Our business currently has a retirement plan and we are considering adding automatic enrollment. We have heard that there are new tax credits available to employers who include automatic enrollment features in their plans.
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What is the Simplest Way to Add Automatic Enrollment to our Plan?

DWC 01/7/20
QOTW - 1.7.2020 - What is the Simplest Way to Add Automatic Enrollment to our Plan - Plan Design
Facts We are considering adding automatic enrollment to our 401(k) plan.  We’ve read some of the other posts on your website about EACAs and QACAs, but that all seems like a lot of extra complexity that we don’t really need.  We’re really just looking for the basics; we want employees who don’t take any action to be automatically in rather than ...
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Can Automatically Enrolled Participants Who Forgot to Opt Out Withdraw Their Deferrals?

DWC 10/8/19
QOTW - 10.8.2019 - Can Automatically Enrolled Participants Who Forgot to Opt Out Withdraw Their Deferrals - Plan Design
Facts We are thinking of adding automatic enrollment to our 401(k) plan.  One of our concerns, however, is that we might end up with a bunch of tiny account balances for participants who forget to opt out until they see their first paycheck with automatic deferrals taken out.
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What is Automatic Enrollment and How Does it Work?

DWC 09/17/19
QOTW - 9.17.2019 - What is Automatic Enrollment and How Does it Work - Plan Design
Facts Our company sponsors a 401(k) plan, but very few of our participants are contributing.  We started the plan as an added benefit to help attract and retain employees, but we also truly want to encourage our employees to save for retirement.  I’ve heard a lot about something called automatic enrollment and how it can be a great tool to get ...
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The views expressed in this blog are those of the authors and do not necessarily represent the views of any other person or organization. All content is provided for informational purposes only and is not intended to be tax or legal advice.

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