401(k) Specialist Issue 3 - 2022 - 6
401(k) NEWS YOU CAN USE
OregonSaves has 'Meaningfully Increased
Employee Savings'
A STUDY FINDS that OregonSaves-launched in 2017 as the first
state-sponsored retirement plan-has " meaningfully increased employee
savings. " Employees opting out of the program often do so for
rational reasons.
The study, funded by the U.S. Social Security Administration,
and conducted by the Michigan Retirement and Disability Research
Center, analyzed participation choices, account balances, and inflow/
outflow data between August 2018 and April 2020 for OregonSaves.
The program requires employers without a retirement plan to enroll
their workers in the state-sponsored IRA automatically.
As the Center for Retirement Research at Boston College's Squared
Away Blog noted about the research, lower-income workers are
much less likely to have a retirement plan, and the typical employee
enrolled in OregonSaves earns only $22,600. They also tend to work
in high-turnover industries like food service and healthcare, where
constant job changes make it challenging to save consistently. These
are the types of workers who don't usually save, and the vast majority
told their employers they had not been saving prior to being enrolled
in OregonSaves.
New TSP Recordkeeper Apologizes for
Botched Transition
IT WAS APOLOGY TIME for recordkeeper Accenture recently during a
meeting of the Federal Retirement Thrift Investment Board (FRTIB), which
administers the federal government's 401(k)-like Thrift Savings Plan-the
largest defined contribution plan in the world with $743 billion in assets
and 6.6 million participants.
The TSP's years-in-the-making move to Accenture Federal Service's
recordkeeping system on June 1 was highly scrutinized, largely thanks to
repeated criticisms from participants during a bumpy transition. It suffered
from various issues out of the gate, most notably staggeringly long
call center wait times and troubles setting up new log-in credentials.
" We want to start with an apology: In the early days of the program's
go-live, the call center experience was not up to the standards of
the FRTIB, it wasn't up to our standards, and it certainly wasn't the
experience that the participants and beneficiaries of the Thrift Savings
Plan deserved, " Elaine Beeman, Accenture's civilian portfolio lead told
the board.
She said Accenture has been working " night and day " to
fix the issues and that the recordkeeper is now " very close "
to meeting its target metrics.
6
ISSUE 3 2022 | 401kSpecialist.com
ONLINE
EXTRA
© Fizkes | Dreamstime.com
© Josemaria Toscano | Dreamstime.com
http://www.Dreamstime.com
http://www.Dreamstime.com
http://www.401kSpecialist.com
401(k) Specialist Issue 3 - 2022
Table of Contents for the Digital Edition of 401(k) Specialist Issue 3 - 2022
Table of Contents
401(k) Specialist Issue 3 - 2022 - Cover1
401(k) Specialist Issue 3 - 2022 - Table of Contents
401(k) Specialist Issue 3 - 2022 - 1
401(k) Specialist Issue 3 - 2022 - 2
401(k) Specialist Issue 3 - 2022 - 3
401(k) Specialist Issue 3 - 2022 - 4
401(k) Specialist Issue 3 - 2022 - 5
401(k) Specialist Issue 3 - 2022 - 6
401(k) Specialist Issue 3 - 2022 - 7
401(k) Specialist Issue 3 - 2022 - 8
401(k) Specialist Issue 3 - 2022 - 9
401(k) Specialist Issue 3 - 2022 - 10
401(k) Specialist Issue 3 - 2022 - 11
401(k) Specialist Issue 3 - 2022 - 12
401(k) Specialist Issue 3 - 2022 - 13
401(k) Specialist Issue 3 - 2022 - 14
401(k) Specialist Issue 3 - 2022 - 15
401(k) Specialist Issue 3 - 2022 - 16
401(k) Specialist Issue 3 - 2022 - 17
401(k) Specialist Issue 3 - 2022 - 18
401(k) Specialist Issue 3 - 2022 - 19
401(k) Specialist Issue 3 - 2022 - 20
401(k) Specialist Issue 3 - 2022 - 21
401(k) Specialist Issue 3 - 2022 - 22
401(k) Specialist Issue 3 - 2022 - 23
401(k) Specialist Issue 3 - 2022 - 24
401(k) Specialist Issue 3 - 2022 - 25
401(k) Specialist Issue 3 - 2022 - 26
401(k) Specialist Issue 3 - 2022 - 27
401(k) Specialist Issue 3 - 2022 - 28
401(k) Specialist Issue 3 - 2022 - 29
401(k) Specialist Issue 3 - 2022 - 30
401(k) Specialist Issue 3 - 2022 - 31
401(k) Specialist Issue 3 - 2022 - 32
401(k) Specialist Issue 3 - 2022 - 33
401(k) Specialist Issue 3 - 2022 - 34
401(k) Specialist Issue 3 - 2022 - 35
401(k) Specialist Issue 3 - 2022 - 36
401(k) Specialist Issue 3 - 2022 - 37
401(k) Specialist Issue 3 - 2022 - 38
401(k) Specialist Issue 3 - 2022 - 39
401(k) Specialist Issue 3 - 2022 - 40
401(k) Specialist Issue 3 - 2022 - 41
401(k) Specialist Issue 3 - 2022 - 42
401(k) Specialist Issue 3 - 2022 - 43
401(k) Specialist Issue 3 - 2022 - 44
401(k) Specialist Issue 3 - 2022 - Cover3
401(k) Specialist Issue 3 - 2022 - Cover4
https://www.nxtbook.com/401kspecialist/401k/401k-specialist-issue-3-2024
https://www.nxtbook.com/401kspecialist/401k/401k-specialist-issue-2-2024
https://www.nxtbook.com/401kspecialist/401k/401k-specialist-issue-1-2024
https://www.nxtbook.com/401kspecialist/401k/401k-specialist-issue-3-2023
https://www.nxtbook.com/401kspecialist/401k/401k-specialist-issue-2-2023
https://www.nxtbook.com/401kspecialist/401k/401k-specialist-issue-1-2023
https://www.nxtbook.com/401kspecialist/401k/401k-specialist-issue-3-2022
https://www.nxtbook.com/401kspecialist/401k/401k-specialist-issue-2-2022
https://www.nxtbook.com/401kspecialist/401k/401k-specialist-issue-1-2022
https://www.nxtbook.com/401kspecialist/401k/401k-specialist-issue-4-2021
https://www.nxtbook.com/401kspecialist/401k/401k-specialist-issue-3-2021
https://www.nxtbook.com/401kspecialist/401k/401k-specialist-issue-2-2021
https://www.nxtbook.com/401kspecialist/401k/401k-specialist-issue-1-2021
https://www.nxtbook.com/401kspecialist/401k/401k-specialist-issue-4-2020
https://www.nxtbook.com/401kspecialist/401k/401k-specialist-issue-3-2020
https://www.nxtbook.com/401kspecialist/401k/401k-specialist-issue-2-2020
https://www.nxtbook.com/401kspecialist/401k/401k-specialist-issue-1-2020
https://www.nxtbook.com/401kspecialist/401k/401k-specialist-issue-4-2019
https://www.nxtbook.com/401kspecialist/401k/401k-specialist-issue-3-2019
https://www.nxtbook.com/401kspecialist/401k/401k-specialist-issue-2-2019
https://www.nxtbook.com/401kspecialist/401k/401k-specialist-issue-1-2019
https://www.nxtbook.com/401kspecialist/401k/401k-specialist-issue-3-2018
https://www.nxtbook.com/401kspecialist/401k/401k-specialist-issue-2-2018
https://www.nxtbook.com/401kspecialist/401k/401k-specialist-issue-1-2018
https://www.nxtbook.com/401kspecialist/401k/401k-specialist-issue-4-2017
https://www.nxtbook.com/401kspecialist/401k/401k-specialist-issue-3-2017
https://www.nxtbook.com/401kspecialist/401k/401k-specialist-issue-2-2017
https://www.nxtbook.com/401kspecialist/401k/401k-specialist-issue-1-2017
https://www.nxtbook.com/401kspecialist/401k/401k-specialist-issue-4-2016
https://www.nxtbook.com/401kspecialist/401k/401k-specialist-issue-3-2016
https://www.nxtbook.com/401kspecialist/401k/401k-specialist-issue-2-2016
https://www.nxtbook.com/401kspecialist/401k/401k-specialist-issue-1-2016
https://www.nxtbook.com/401kspecialist/401k/401k-specialist-issue-1-2015
https://www.nxtbookmedia.com