Fiduciary INSIGHTS on retirement plans
Welcome to Fiduciary Insights, the monthly newsletter that keeps you in touch with issues, trends, events, and insights of significance to individuals connected with the retirement plan industry. The articles have been carefully selected from a variety of high quality sources.
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The U.S. Department of Labor’s Employee Benefits Security Administration launched the public Retirement Savings Lost and Found Database, a tool designed to help America’s workers and beneficiaries search for retirement plans that may still owe them benefits. Created as part of the SECURE 2.0 Act of 2022, the database serves as a centralized location where individuals or their beneficiaries can search for lost or forgotten retirement accounts and receive guidance on how to claim their funds, addressing a persistent challenge in the modern labor market.
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A key update from the SECURE 2.0 provisions is the requirement for automatic enrollment in retirement plans, effective January 1st for plans established after December 29, 2022. These plans must automatically enroll participants at a contribution rate between 3% and 10%, with annual auto-escalation of at least 1% until reaching a contribution rate of 10% to 15%.
While older, grandfathered plans can opt out, the new mandate will apply starting in the 2025 plan year. Participants will still have the option to opt-out or choose different contribution levels. If recordkeepers or fiduciaries are unable to implement these automatic features, it may be categorized as an operational error that can be rectified through the Employee Plans Compliance Resolution System.
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An Alight survey reveals that employers are cautiously implementing optional provisions from the SECURE 2.0 Act of 2022.
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This is the time of year when resolutions for the cessation of bad behaviors and the beginning of better ones are in vogue. Here are five for plan fiduciaries for 2025.
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Please consult a financial, tax or legal professional for further information related to any of these articles.
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