Are your employees on track to be retirement ready? BPC has a solution to increase retirement plan participation and help employees reach their retirement goals. By setting up an Automatic Contribution Arrangement, employers can enroll eligible employees into a plan at a specific salary deferral rate.
This plan provision increases retirement plan participation, while giving employees the flexibility to opt-out should they choose to do so. Automatic Contribution Arrangements can be set up with a default deferral percentage rate by making a simple amendment to the sponsor's retirement plan document. For plans that charge account fees to participants' accounts, adding the automatic enrollment feature does not increase costs for the employer.
With the IRS-mandated Plan Document Restatement period underway, now is the perfect time to discuss setting up an Automatic Contribution Arrangement for employer-sponsored retirement plans. Please contact the BPC Retirement Team at 800-355-2350 or firstname.lastname@example.org.