PLANSPONSOR - February/March 2019 - 23

Facilitating participant
roll-ins allows for a realistic
view of retirement savings
W
hy should plan sponsors care about roll-ins to their retirement
plan? Account consolidation gives them, and their
participants, a better picture of overall retirement savings
and readiness, among other benefits. " We have a very mobile employee
population in this country, where people jump from job to job, " says
Jana Steele, senior vice president and defined contribution (DC) consultant
at Callan LLC in San Francisco. " So if you want to facilitate retirement
readiness, how can you help people to consolidate their balances? "
Empower offers a roll-in services program that proactively contacts
employees and handles much of the roll-in work; as a result, participants
rolled about $5 billion into their current employer's plan at Empower
last year. The roll-in outreach, " hands down, is our service that participants
rate highest, " says Carol Waddell, senior vice president and head
of Empower's retirement solutions group, in Denver.
" When people consolidate their assets into their current employer's
plan, it improves their projected retirement income, " she says. There are
benefits of roll-ins, not only to individual employees but to the plan and
sponsor too, she says. " For the plan sponsors that use our roll-in service,
they see plan assets rise by 6% on average, and that may help reduce
plan costs. "
Why Participants and Sponsors Hesitate
Even though the vast majority of plans now allow the option, few participants
starting a new job actually roll in their balance from their previous
employer's plan, says Rob Austin, director of research at Alight Solutions
in Charlotte, North Carolina. " It's the toughest thing to do, among the
options people have at that point, " he says. Those participants can more
easily cash out that balance, keep the money in the previous employer's
plan, or do a rollover into an individual retirement account (IRA).
" People think, 'If I do a roll-in, I have to fill out all the paperwork myself,
and I have to make sure I'm doing the right thing,' " he says.
Art by Chris Buzelli
PLANSPONSOR.com February - March 2019 23
ASSET
CONSOLIDATION

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PLANSPONSOR - February/March 2019

Table of Contents for the Digital Edition of PLANSPONSOR - February/March 2019

Asset Consolidation
2019 Plan Sponsor of the Year Finalists
2019 Best in Class 401(k) Plans
Systematic Income
The Best of Both Worlds
Plan Defense
Picture Yourself
PLANSPONSOR - February/March 2019 - C1
PLANSPONSOR - February/March 2019 - FC1
PLANSPONSOR - February/March 2019 - FC2
PLANSPONSOR - February/March 2019 - C2
PLANSPONSOR - February/March 2019 - 1
PLANSPONSOR - February/March 2019 - 2
PLANSPONSOR - February/March 2019 - 3
PLANSPONSOR - February/March 2019 - 4
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PLANSPONSOR - February/March 2019 - 20
PLANSPONSOR - February/March 2019 - 21
PLANSPONSOR - February/March 2019 - Asset Consolidation
PLANSPONSOR - February/March 2019 - 23
PLANSPONSOR - February/March 2019 - 24
PLANSPONSOR - February/March 2019 - 25
PLANSPONSOR - February/March 2019 - 2019 Plan Sponsor of the Year Finalists
PLANSPONSOR - February/March 2019 - 27
PLANSPONSOR - February/March 2019 - 28
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PLANSPONSOR - February/March 2019 - 40
PLANSPONSOR - February/March 2019 - 41
PLANSPONSOR - February/March 2019 - 2019 Best in Class 401(k) Plans
PLANSPONSOR - February/March 2019 - 43
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PLANSPONSOR - February/March 2019 - 52
PLANSPONSOR - February/March 2019 - 53
PLANSPONSOR - February/March 2019 - Systematic Income
PLANSPONSOR - February/March 2019 - 55
PLANSPONSOR - February/March 2019 - The Best of Both Worlds
PLANSPONSOR - February/March 2019 - 57
PLANSPONSOR - February/March 2019 - Plan Defense
PLANSPONSOR - February/March 2019 - 59
PLANSPONSOR - February/March 2019 - Picture Yourself
PLANSPONSOR - February/March 2019 - 61
PLANSPONSOR - February/March 2019 - 62
PLANSPONSOR - February/March 2019 - 63
PLANSPONSOR - February/March 2019 - 64
PLANSPONSOR - February/March 2019 - C3
PLANSPONSOR - February/March 2019 - C4
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