NAPA Net - Polling Places 050517

The Most Rejected Recommendation?

A recent report notes that the most common reason plan sponsors picked their plan’s default rate is because it was recommended by an industry consultant or other professional. But this week, we’d like to know – what do you most often recommend – that plan sponsors DON’T accept.

Of course every plan faces a unique set of challenges, circumstances and opportunities – and what works for one won’t always be the best solution for others. But there’s likely one particular recommendation that you make with regularity that you just can’t quite get plan sponsors to accept – yet.

Question Title

* 1. Which of the following have you proposed to clients/prospects in the past year (check all that apply)?

Establishing a plan

Changing recordkeepers

Automatic enrollment

Automatic enrollment at more than 3% default

Contribution acceleration

Contribution acceleration at more than 1% per year.

Change in QDIA

Adding/changing a managed account option

Adding a stretch match

Immediate eligibility

Reenrollment (automatically enrolling ALL eligibles, not just new hires)

Adding a Roth option

Adding lifetime income option

Changing advisors

Other (please specify)

Question Title

* 2. Which (one) of the following have you proposed MOST often to clients/prospects in the past year?

Establishing a plan

Changing recordkeepers

Automatic enrollment

Automatic enrollment at more than 3% default

Contribution acceleration

Contribution acceleration at more than 1% per year.

Change in QDIA

Adding/changing a managed account option

Adding a stretch match

Immediate eligibility

Reenrollment (automatically enrolling ALL eligibles, not just new hires)

Adding a Roth option

Adding lifetime income option

Changing advisors

Other (please specify)

Question Title

* 3. Which (one) of the following has been most accepted by clients/prospects in the past year?

Establishing a plan

Changing recordkeepers

Automatic enrollment

Automatic enrollment at more than 3% default

Contribution acceleration

Contribution acceleration at more than 1% per year.

Change in QDIA

Adding/changing a managed account option

Adding a stretch match

Immediate eligibility

Reenrollment (automatically enrolling ALL eligibles, not just new hires)

Adding a Roth option

Adding lifetime income option

Changing advisors

Other (please specify)

Question Title

* 4. Which of the following has been rejected by clients/prospects in the past year (check all that apply)?

Establishing a plan

Changing recordkeepers

Automatic enrollment

Automatic enrollment at more than 3% default

Contribution acceleration

Contribution acceleration at more than 1% per year.

Change in QDIA

Adding/changing a managed account option

Adding a stretch match

Immediate eligibility

Reenrollment (automatically enrolling ALL eligibles, not just new hires)

Adding a Roth option

Adding lifetime income option

Changing advisors

Other (please specify)

Question Title

* 5. Which ONE of the following has been MOST rejected by clients/prospects in the past year (check all that apply)?

Establishing a plan

Changing recordkeepers

Automatic enrollment

Automatic enrollment at more than 3% default

Contribution acceleration

Contribution acceleration at more than 1% per year.

Change in QDIA

Adding/changing a managed account option

Adding a stretch match

Immediate eligibility

Reenrollment (automatically enrolling ALL eligibles, not just new hires)

Adding a Roth option

Adding lifetime income option

Changing advisors

Other (please specify)

Question Title

* 6. Why?

Cost

Resistance to change

Not the right time

Combination of the above

Litigation concerns

Recordkeeper resistance

Deferred for future consideration

Other (please specify)

Question Title

* 7. Any other comments on recommendations, making recommendations, having recommendations rejected, rejecting recommendations, or life in general?

Question Title

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

Advisor

Provider

TPA

Plan sponsor

Recordkeeper

Other (please specify)

Question Title

* 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)

Question Title

* 10. Suggestions for future survey questions?

Question Title

* 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...