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November 14, 2016 12:00 AM

DC group gives definition(s) to industry

Robert Steyer
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    The defined contribution industry needs a dictionary to sort out different interpretations of auto features, and a prominent trade group has come to the rescue.

    The Defined Contribution Institutional Investment Association has prepared a “definitional framework” so sponsors, providers and others can find common ground in defining such DC plan practices as auto enrollment, auto escalation and re-enrollment.

    “Everyone comes at it from a different perspective,” said Joshua Dietch, co-chairman of DCIIA's retirement research board and primary author of the auto-features dictionary. “We found that in many cases, a lack of consensus caused confusion,” and confusion inhibits sponsors' offerings of auto features.

    Terms causing the most confusion are “qualified default investment alternative re-enrollment” and “non-safe harbor re-enrollment,” Mr. Dietch said, the New York-based head of retirement and institutional research at Strategic Insight, an investment research firm that is a DCIIA member.

    DCIIA acted after conducting a survey of 471 sponsors about auto features in 2014 and 2015. “It became readily apparent that they weren't all talking about the same thing,” Mr. Dietch said.

    The two-page DCIIA dictionary is “not intended to be all-encompassing,” the introduction to the document says. “Rather, they represent a common framework for discussing auto features” to improve sponsor adoption rates.

    The dictionary is available on

    ">DCIIA

    's website.

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    December 12, 2022 page one

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