Automatic Retirement Enrollment: The New Norm for Benefits?

Lorman Education Services

Find out if an automatic enrollment retirement plan is right for your company.

Many retirement plans are encouraged to implement automatic enrollment with vendors ensuring it is the ‘new norm'. However, many companies are unaware of the potential fiduciary pitfalls and operational hurdles automatic enrollment can introduce.

This topic will outline types of automatic contribution arrangements, address common errors in implementation, and introduce frequently overlooked considerations regarding the provision.

This material will also provide guidance on the determination of the appropriateness of automatic contribution arrangements for your group and give Plan Sponsors and HR professionals tools to review or implement processes to ensure compliance with regulations.

There may be a place for automatic enrollment, but not at the cost of jeopardizing your Plan's operational integrity or your fiduciary duty.

Learning Objectives

• You will be able to describe the different types of automatic contribution arrangements.
  
• You will be able to discuss the benefits and pitfalls of automatic enrollment along with additional considerations of automatic investment elections, automatic contribution increases.
  
• You will be able to explain administrative/provider considerations during implementation and on an ongoing basis.
  
• You will be able to review your current administrative procedures to determine if they are conducive to automatic enrollment.

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