Market Areas > Human Resources > 401(k) Auto-Enroll

401(k) Auto Enrollment: Set-Up Strategies for Higher Employee Contributions

Course Description:

The DOL estimates the final QDIA rules realeased on Monday, October 22nd will result in between $70 billion and $134 billion in additional retirement savings by 2034.

Join CCM and Charles Schwab in this practical audio conference to find out how the final regulations will affect 401(k) auto enrollment and how to ensure you're in compliance.

In just 75 minutes, you'll learn the final regulation conditions that must be satisfied in order to obtain safe harbor relief from fiduciary liability for investment outcomes, including:

• Assets must be invested in a “qualified default investment alternative” (QDIA) as defined in the regulation.
• Participants and beneficiaries must have been given an opportunity to provide investment direction, but have not done so.
• A notice generally must be furnished to participants and beneficiaries in advance of the first investment in the QDIA and annually thereafter. The rule describes the information that must be included in the notice.
• Material, such as investment prospectuses, provided to the plan for the QDIA must be furnished to participants and beneficiaries.
• And more...

You’ll also get a step-by-step guide on how to setup or improve your existing auto enrollment plan that's compliant with the new QDIA regulations. Our retirement plan experts will provide strategies to get your employees to participate at higher levels. Plus, they'll discuss the benefits of automatic contribution escalation — and whether it’s a viable option for your organization. You’ll also learn how to:

• Analyze the decision to adopt automatic contribution escalation
• Determine the default contribution rate
• Analyze options for automatic investment selection
• Meet the requirement that funds be invested in a “qualified default investment alternative” (QDIA)
• Consider automatic enrollment options, such as “semi-automatic” features
• Draft proper notice to employees so that they can opt-out
• Meet time requirements for notifying employees in advance of the deduction
• Setup options that allow employees to transfer the funds to other investment alternatives
• Analyze options for advising or educating employees on investments and retirement planning
• Persuade your employees to participate at higher levels
• Meet investment diversification requirements
• Convert to a Qualified Automatic Contribution Arrangement

Faculty:

Clare Bergquist, director of service strategies, Charles Schwab

Clare oversees the strategic direction of Schwab Retirement Plan Services’ service platform. With 20 years of experience in the financial services industry, she began her career with Northern Trust Company in Chicago, marketing corporate cash management products to companies across the country. Clare worked with Fidelity Investments as a product manager for institutional money market funds and developed new products and services for the defined contribution market, including their Plan Sponsor Communications and Education program. She also worked with Strong Retirement Plan Services as director of communications and as a senior communications consultant, where she led public relations and advertising efforts for the defined contribution market and created a number of innovative, effective communication programs and tools for plan sponsors and participants. Additionally, Clare has created numerous custom communications campaigns that have won awards from Pensions & Investments and the Profit Sharing/401(k) Council of America. She is active in the defined contribution community. Clare received a B.S. in economics and Spanish from the University of Wisconsin–Madison and holds the NASD Series 6 and 63 registrations.

Michael Olah, field vice president of ERISA services, Charles Schwab

Michael has extensive experience in all matters pertaining to retirement plan design, documentation, administrative processes and procedures, and compliance and fiduciary concerns. In connection with fiduciary issues, Michael is instrumental in working with clients to establish processes and procedures for establishing prudent fiduciary processes, and monitoring decision making, and working with others to ensure appropriate processes for investment selection.  He also works as a resource for client’s benefits and investment committees in setting policy with respect to plan design, administration and funding.

Prior to joining Schwab, Michael was Director of ERISA Services for a mutual fund company, and previously Trust and Fiduciary Counsel for a large Midwestern based national bank. Michael has
extensive experience in the industry, and periodically teaches employee benefits law and related issues in the Certified Employee Benefits Specialists (CEBS) program, and benefits courses in various Paralegal Studies curricula. He has also been active in various local, regional and national employee benefit professional organizations, including the Midwest Benefits Conference, WEB (Working in Employee Benefits), International Foundation of Employee Benefit Plans, and the American Bar Association Joint Committee on Employee Benefits, and is frequently a speaker on various topics before these, and other professional organizations and conferences.

MONEY-BACK GUARANTEE:

We're so confident you'll get what you want out of this conference that we'll refund every penny if you're not completely satisfied. No questions asked! It's 100% risk-free!

Pricing:

Your CD recording includes the complete audio conference presentation, audience Q&A and presentation materials.

APPROVED FOR RECERTIFICATION CREDIT:

HRCI - Receive 1.5 recertification credit hours toward PHR and SPHR recertification through the Human Resource Certification Institute (HRCI). For more information about certification or recertification, please visit the HRCI homepage at www.hrci.org.