Washington, D.C. (PRWEB) April 03, 2014
“Since the passage of the 2006 Pension Protection Act, automatic enrollment and automatic contribution escalation programs have transformed DC plans by dramatically increasing participation and savings rates and by putting many more working Americans on the path to a financially secure retirement,” said Lew Minsky, Executive Director of DCIIA. “Still, according to many surveys, only about half of DC plans offer auto features, and many offer them in a less-than-optimal way. DCIIA’s Town Hall brought together decision makers from the industry, the plan sponsor community, and policy makers to focus on taking auto features to the next level.”
As part of the Town Hall, DCIIA unveiled its new Auto Features Resource Center, which will serve as a rich source of information on automatic features. “There is a lot of great data, research, and best-practices information out there for DC plan sponsors to use in implementing automatic enrollment and automatic contribution escalation,” said Minsky. “The purpose of the Auto Features Resource Center is to centralize all of this valuable content to answer practitioner questions and get accurate, up-to-date information in the hands of plan sponsors.”
The Resource Center features:
One of DCIIA’s core beliefs is that well-designed default programs can improve retirement outcomes: Automatic enrollment and automatic contribution escalation of participant contribution levels, when combined with default investment options that take advantage of institutional asset management techniques, help increase savings levels and provide a foundation for better retirement outcomes. The Town Hall and Resource Center are important steps for DCIIA in achieving its mission that defined contribution plans sufficiently provide retirement security to American workers.
The Defined Contribution Institutional Investment Association (DCIIA) is a nonprofit association dedicated to enhancing the retirement security of American workers. Toward this end, DCIIA fosters a dialogue among the leaders of the defined contribution community who are passionate about improving defined contribution plan design. DCIIA members include investment managers, consultants, law firms, record keepers, insurance companies, plan sponsors and others committed to the best interests of plan participants. For more information, visit http://www.dciia.org.