The Government Accountability Office is looking for responses on its surveys about defined contribution plans' use of eligibility and vesting requirements, and lifetime income options 401(k) plans offer participants.
The GAO said building savings in a 401(k) plan is a key step to achieving income security in retirement for millions of Americans, but that savings might be affected by the eligibility and vesting requirements that are used by many plans. The survey seeks to examine why plan sponsors use certain eligibility and vesting requirements, how they might have changed the requirements, and how they communicate them to employees and participants.
Also, with American life spans increasing in an era when the predominant workplace retirement plan no longer guarantees lifetime income, the lifetime income survey examines the mechanisms in 401(k) plans that can provide some financial stability to participants until the end of their lives. It asks about the advantages and disadvantages of these options, education about them, and barriers that might limit their adoption.
