NAPA Net - Polling Places 060818

Misperception, Myth and Realities

Talking with plan sponsors, much (though not all) of the resistance to innovative plan design shifts is predicated on concerns about how workers will respond – that there will be resistance to auto-enrollment, that people will opt out of higher default rates, etc.

This week, we’d like to know about your real-life experience to some of the more common objections.

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* 1. In plans that have implemented automatic enrollment...

there has been a harsh reaction from some workers.

there has been a harsh reaction from a large number of workers

there hasn't been any reaction at all

reaction has been appreciative for the very most part

haven't worked with plans that have adopted automatic enrollment

Something else (please specify)

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* 2. In plans that have implemented automatic enrollment for existing hires (who haven't previously participated)...

there has been a harsh reaction from some workers.

there has been a harsh reaction from a large number of workers

there hasn't been any reaction at all

reaction has been appreciative for the very most part

haven't worked with plans that have adopted automatic enrollment for existing hires

Something else (please specify)

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* 3. In plans that have implemented automatic enrollment with a default contribution rate higher than 3%...

the opt out rate has been higher than with 3%

the opt out rate has been the same as with 3%

the opt out rate has been lower than with 3%

haven't worked with plans that have adopted a default rate higher than 3%

Something else (please specify)

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* 4. In plans that have incorporated lifetime income projections on participant statements...

participants don't seem to have noticed

mixed reaction - some participants demotivated, others spurred to save more

for the most part, participants demotivated by their current status

for the most part, participants encouraged by their current status

don't work with any plans that have included lifetime income projections on the participant statement

Something else (please specify)

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* 5. In plans that have "re-enrolled" existing participants into age-appropriate target-date funds...

participants don't seem to have noticed

mixed reaction - some participants irked, others appreciative

for the most part, participants appreciative

for the most part, participants whose investments were changed were irked, despite the ability to opt out

don't work with any plans that have re-enrolled existing balances into age-appropriate target-date funds

Something else (please specify)

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* 6. Other plan design innovations stymied by concerns about worker response?

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* 7. Other comments about innovative plan designs, the response of employees to changes in plan design, the concerns of plan sponsors in adopting those plan designs, your real life experiences in doing so, or life in general?

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* 8. What is your role working with retirement plans?

Advisor

Provider

TPA

Plan sponsor

Recordkeeper

Other (please specify)

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* 9. What size plans do you PRIMARILY work with?

Under $10 million in assets

$10-$20 million

$20-$50 million

$50-100 million

$100 million - $250 million

$250 million - $500 million

Above $500 million

Other (please specify)

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* 10. Suggestions for future survey questions?

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* 11. All responses are anonymous and confidential, of course - but if you'd like me to know who you are, or allow for a response, you can leave your email below...