the agony and ecstasy of automatic enrollment - … asppa annual material… · the agony and...
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The Agony and Ecstasy of Automatic EnrollmentRobert M. Kaplan, CPC, QPA, CFP, APA
Director of Technical Education
The American Retirement Association
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How Big an Issue is Auto Enrollment?
2017 PlanSponsor DC Survey indicates
41.7% of 401(k) plan auto enroll (including 24.8% in the micro-market – under $5 MM)
Most common rate is 3% (40.9% of plans)
39.7% use GREATER than 3%
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Participation Rates
78% for all plans
90% for Auto Enroll
63% for Traditional Enrollment
Per 2016 Vanguard Group Center for Investment Research
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Increased Participation
Testing results improve
More employees saving for retirement
Help create a “healthy” plan
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Considerations
Cost
Increased administration
Low average account balances
Budget for match
More distributions in high turnover companies
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Considerations
Can HR implement timely?
Do Payroll Company and Record Keeper have access to information timely?
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Considerations
Am I setting myself up to fail?
Notice requirements (to be discussed later)
How do I identify auto enrolled employees in a plan (especially a takeover)
Penalty for failure to provide notices
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Auto Escalation
Once in the plan – will the participant increase deferrals?
Many do not
Plan design to increase at a specific point in time may help
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Auto Escalation
Just what you wanted – more stats!!!
2017 PlanSponsor DC Survey
35.3% use Auto Escalation
Only 15.3% in the micro-market
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Re-Enrollment
Just what you wanted – yes, even more stats!!!
2017 PlanSponsor DC Survey
12.6% use re-enrollment
8.6% for those not participating
4.0% for those not at default rate
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The Good and the Bad News
Obviously many are deferring who weren’t participating before
Would those defaulted (example 3%) have actively enrolled at a higher rate
Auto enroll is generally limited to new hires
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The Good and the Bad News
When I change employers do I resume where I left off or get re-enrolled at a lower rate?
Industry stats indicate that 6% auto enroll has the same success rate as 3% (employees who do not lower or opt out)
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Strategies
When recommending – get input from all parties (HR, payroll and record keeper)
Design entry date that works for all
Immediate entry may be problematic
How about 1 month
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Strategies
Document flow of information for new employees and changes
Do I know when a participant has affirmatively elected an amount or has been defaulted (this could impact disclosures and re-enrollment)
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Strategies
How will we deal with those that later decide – “I did not know, I did not understand, you never told me, etc….”
EACA –to be discussed later
Will Plan Administrator (HR) handle
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Plan Design Options
• ACA
• QACA = Qualified Automatic Contribution Arrangements
• EACA = Eligible Automatic Contribution Arrangements
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Types of ACAs
• ACA is any arrangement that does not qualify as an EACA or QACA
• Will become clearer after we define those two types
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QACA
• Safe Harbor Plan
• Tax Code Section §401(k)(13)
• Eliminates ADP/ACP testing
• Avoids Top Heavy
• Note: Most provisions are the same as the current SH under §401(k)(12)
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QACA Requirements
• Automatic Deferral (of course)
• Option to opt out
• Notice Requirements
• Deferral Percentages
• SH Employer Contributions
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QACA Requirements
• As indicated earlier, most of the provisions of the Regulations match the existing SH rules
– Example:• Plan must be amended PRIOR to the beginning of the PY
• QACA must be in place for 12 month period
• Plan may limit deferrals as long as maximum match can still be achieved by NHCEs
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QACA Deferral Rules• Applies to all employees without an affirmative
election in place (cannot exclude existing employees or participants)
– Employees must opt out or elect a different percentage
– If an employee had an election in a CODA prior to the effective date of the QACA, then it counts as an affirmative election
– Plan can set an expiration date for elections (so employee has to re-elect)
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Uniformity Requirement
• Default deferral must be uniformly applied, with these exceptions:
– Years of QACA participation
– Affirmative election on file
– Hardship withdrawal required suspension
– Contribution or deferral limits have been met
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Minimum Deferral %
• Initial period is 3%
• Initial period can last until the end of the year FOLLOWING the year of eligibility
– Can be as long as two full years
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Minimum Deferral %
• Period # 2 = 4%
• Period #3 = 5%
• Period #4 = 6%
• Subsequent years = 6%
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Minimum Deferral %• May provide a larger % at each level
• May not exceed 10% at any level
• Note: Hardship suspensions must recommence at level prior to withdrawal
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Minimum Deferral % Example• Provide 6% from Day 1
– Can leave
– Can increase in any year (but not to greater than 10%)
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Minimum Deferral % Example
• Provide 4% from Day 1
– Can leave at 4% for second period
– Must increase to 5% in third period and 6% in 4th
period (but not to greater than 10%)
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Employer SH Contributions• 3% nonelective
Or
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Employer SH Contributions
• Matching Contribs$ for $ on first 1%, and
50 cents on dollar for next 5%
Total 3.5%
Note: Can be a greater match
Cannot increase match % as rate of deferral increases
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Employer SH Contributions
• Fully vested after 2 years (not ASAP)
• Subject to in-service withdrawal restrictions
• Remember other SH rules
– Can’t match in excess of 6%
– Discretionary match cannot exceed 4%
– Can’t have higher rate for HCE
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Required Notice
• Timing:
– Reasonable period
– 30-90 deemed to be reasonable
– Date of Hire for immediate eligibility plans
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Required Notice
• Content:
– Current SH content, plus• Level of default deferrals
• Right to change deferral %
• Default investment account, if applicable
• May combine notices (EACA, QDIA)
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Required Notice
• Delivery method:
– To each employee (not posted)
– Electronic is allowed• Directly to participant
• No kiosk or posting on website
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Required Notice
• Whoops, I forgot
– Max of $1,100 per day per failure
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EACA Requirements
• Option to opt out
• Automatic deferral
• Uniformity (as discussed earlier)
• Notice requirements
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EACA Incentives• Permissive withdrawals
• 6 month ADP/ACP corrections
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Permissive Withdrawal
• 90 days
– Starts on day the first deferral would have been included in pay
• No definitive distribution date
– Administratively feasible???
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Permissive Withdrawal• All or nothing at all (all deferrals must be
withdrawn, not just some)
• Earnings (gains/losses)
• Forfeit match (and earnings)
– Do not return to Employer
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Permissive Withdrawal
• Taxation
– No 10% penalty
– Income in year
distributed
– No rollover
– No consent
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Permissive Withdrawal
• Distribution Fees
– Yes
– Cannot differ from ordinary distribution fee
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Permissive Withdrawal• Optional provision
• Must be in document and notice
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Permissive Withdrawal
• Testing
– Exclude
– Wait to run tests AFTER 90 days
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Permissive Withdrawal• Testing Corrections
– 6 months to correct (to avoid 10% penalty)– 10% is from 6 to 12 months– After 12 months – EPCRS
• Note: If EACA rules do not apply to all plan participants (for example only newly eligible) then the 6 month testing rule does not apply
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EACA Notice
• Similar to QACA
• Timing rules the same
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EACA Notice Content
• SH, plus
• Default %
• Ability to change
• QDIA, if applicable
• Permissive withdrawal, if applicable
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QACA/EACA
• If a plan has wants both the QACA and EACA provisions it needs to provide for all language
– Example – QACA may not allow permissive withdrawal unless it has proper EACA language in document
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I will be happy to answer any questions on Auto Enrollment issues.
Thank You.
Questions
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