Inertia is taking hold in some areas of the Defined Contribution (DC) industry today, and the reasons are clear. An active litigation environment has many plan sponsors on their heels, and the steady drumbeat of negative headlines about Americans' retirement readiness and the overall health of the DC system can breed defeatism.
While challenges certainly do exist in the system, we shouldn't let them impede meaningful progress. We believe there is plenty more that can be done today with the tools we already have to build upon the tremendous progress made in the 10 years since the Pension Protection Act of 2006 (PPA). Some plan design proposals are challenging or controversial, but many are not. We believe that when it comes to plan design, there are a number of “easy wins”—actions that plan sponsors can take today to help their participants achieve retirement success. How do we define an “easy win”? Simply stated, they are plan design ideas that are not administratively complex, resource intensive or time consuming, but can be relatively impactful.
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