PLANSPONSOR - August - September 2022 - 30
PROVIDER RELATIONSHIPS | OPEN ENROLLMENT
Open Season
Adding 401(k) options to your annual offerings could up plan engagement
W
hen employers integrate their
401(k) plan into their employees'
annual open enrollment
for health benefits, the plan enrollments
and deferral changes significantly outpace
those at employers that do not incorporate
it, data from recordkeeper Alight
Solutions indicate.
Forty-four percent more employees
signed up for their 401(k) plan when it
was brought into the fall open-enrollment
lineup than signed up over that same
length of time anywhere else in the year.
Moreover, 21% of participants changed
their 401(k) contribution during an integrated
open-enrollment process, with
about four times as many participants
increasing their deferral rate as those who
decreased it. The data is based on instances
where Alight serves as the administrator
for both an employer's retirement plan
and its health benefits plans.
" We've seen, year in and year out,
that this works, " says Rob Austin, head
of research at Alight in Charlotte, North
Carolina. " It seems natural to do it, but,
when we talk to employers, only about a
quarter are doing it. " This may be, he
suggests, because they are unaware of
how to incorporate the 401(k) into open
enrollment or perceive that it requires too
much employer effort.
30 PLANSPONSOR.COM August - September 2022 Art by Georgie McAusland
Most clients of WTW that have a
401(k) plan incorporate it in some way
into open enrollment, says Casey Hauch,
managing director with the consulting
firm in Boston. " The majority of our
clients take a holistic view of their benefits,
and they encourage employees to look
at their whole picture during open enrollment, "
she says. " We continue to see that
the lines between physical well-being and
financial well-being[-i.e., between an
employee's health benefits and retirement
benefits and pay-]are really blurring. "
With the recent inflation surge,
many workers likely will think more
carefully this fall about their open
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PLANSPONSOR - August - September 2022
Table of Contents for the Digital Edition of PLANSPONSOR - August - September 2022
INSIGHTS
INDUSTRY ANALYSIS
RULES AND REGULATIONS
UPFRONT
Key Player
Ever Vigilant
Open Season
Simplify the Experience
Connecting One-on-One
The Cost of Protection
FIDUCIARY FORUM
INSIDE ANGLE
PLAN PROFILE
PLANSPONSOR - August - September 2022 - Cover1
PLANSPONSOR - August - September 2022 - Cover2
PLANSPONSOR - August - September 2022 - 1
PLANSPONSOR - August - September 2022 - INSIGHTS
PLANSPONSOR - August - September 2022 - 3
PLANSPONSOR - August - September 2022 - INDUSTRY ANALYSIS
PLANSPONSOR - August - September 2022 - 5
PLANSPONSOR - August - September 2022 - RULES AND REGULATIONS
PLANSPONSOR - August - September 2022 - 7
PLANSPONSOR - August - September 2022 - 8
PLANSPONSOR - August - September 2022 - 9
PLANSPONSOR - August - September 2022 - UPFRONT
PLANSPONSOR - August - September 2022 - 11
PLANSPONSOR - August - September 2022 - 12
PLANSPONSOR - August - September 2022 - 13
PLANSPONSOR - August - September 2022 - 14
PLANSPONSOR - August - September 2022 - 15
PLANSPONSOR - August - September 2022 - Key Player
PLANSPONSOR - August - September 2022 - 17
PLANSPONSOR - August - September 2022 - 18
PLANSPONSOR - August - September 2022 - 19
PLANSPONSOR - August - September 2022 - 20
PLANSPONSOR - August - September 2022 - 21
PLANSPONSOR - August - September 2022 - Ever Vigilant
PLANSPONSOR - August - September 2022 - 23
PLANSPONSOR - August - September 2022 - 24
PLANSPONSOR - August - September 2022 - 25
PLANSPONSOR - August - September 2022 - 26
PLANSPONSOR - August - September 2022 - 27
PLANSPONSOR - August - September 2022 - 28
PLANSPONSOR - August - September 2022 - 29
PLANSPONSOR - August - September 2022 - Open Season
PLANSPONSOR - August - September 2022 - 31
PLANSPONSOR - August - September 2022 - Simplify the Experience
PLANSPONSOR - August - September 2022 - 33
PLANSPONSOR - August - September 2022 - Connecting One-on-One
PLANSPONSOR - August - September 2022 - 35
PLANSPONSOR - August - September 2022 - The Cost of Protection
PLANSPONSOR - August - September 2022 - 37
PLANSPONSOR - August - September 2022 - FIDUCIARY FORUM
PLANSPONSOR - August - September 2022 - INSIDE ANGLE
PLANSPONSOR - August - September 2022 - PLAN PROFILE
PLANSPONSOR - August - September 2022 - Cover3
PLANSPONSOR - August - September 2022 - Cover4
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