PLANSPONSOR - November/December 2017 - 21

is if the employer wants to cash out an
account that has under $5,000 and the
participant doesn't offer a directive as to
where the money should go. " Then the
plan sponsor must select an individual
retirement plan (IRA) provider to receive
that distribution, he says.
Selecting the IRA provider-i.e., the
financial institution that will take the IRA
rollover-is a fiduciary decision, Capwell
points out. " But there is a Department
of Labor [DOL] safe harbor for selection
of and monitoring of that rollover party,
and, if a fiduciary works under the direction
of the safe harbor, it should be able to
discharge its fiduciary obligations. "
Once the money has left the plan,
there are some limited monitoring functions
with respect to the rollover provider,
such as the general obligation to monitor
it and be sure it remains an appropriate
provider for the plan.
Towarnicky notes there are a range of
employer and plan sponsor support methods
for maintaining contact with former
participants and that the methods vary,
plan sponsor to plan sponsor. He says,
" Just because you ended your employment,
whether that was voluntary or involuntary
or perhaps part of a corporate transaction,
that didn't mean you ended your relationship
with the employee benefit plan. "
Employers, of course, may communicate
about other extended benefits besides
the retirement plan, Towarnicky says,
pointing to COBRA or, less likely, retiree
health coverage. Additionally, a participant
may want to convert a group term life
insurance policy, if he has one. There are
also claiming decisions in terms of money
he may have deferred to a health care or day
care spending account, and maybe a health
savings account (HSA), which, based on
regulations, is always 100% vested and will
go with the individual.
But there are other reasons to
continue a relationship beyond those to do
with plan administration. Some plans have
an administrative and a social connection
with their retirees. -Judy Faust Hartnett
TALKING POINTS
Americans' Debt Balances Have
Risen to a High of $12.84 Trillion
Older members of Generation X-adults ages 45 to 54-
have the highest average amount of debt.
$130,656
$85,049
$81,738
$36,267
$21,062
Seniors*
(65+)
Baby
Boomers
(55 - 64)
*Including the oldest Baby Boomers
Men Have More Debt
Than Women Do
An equal percentage of men and
women have debt, but men are
deeper in debt.
Women
$31,037
Gen Xers vs. Millennials
With Credit Card Debt
O57%lder Gen Xers
37%
Younger Millennials
Source: GOBankingRates survey
Close behind
older Gen X
respondents
were younger
Baby Boomers,
with credit card
debt at 54%.
Older
Gen Xers
(45 - 54)
Younger
Gen Xers
(35 - 44)
Older
Millennials
(25 - 34)
$18,145
Younger
Millennials
(18 - 24)
Men
$95,057
PLANSPONSOR.com November-December 2017 21

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PLANSPONSOR - November/December 2017

Table of Contents for the Digital Edition of PLANSPONSOR - November/December 2017

Seeking Value
2017 DC Survey: Plan Benchmarking
2017 Research Year in Review
Owning a Piece of the Firm
Breaking Up With a Fund
Reporting Requirements
PLANSPONSOR - November/December 2017 - Cover1
PLANSPONSOR - November/December 2017 - Cover2
PLANSPONSOR - November/December 2017 - 1
PLANSPONSOR - November/December 2017 - 2
PLANSPONSOR - November/December 2017 - 3
PLANSPONSOR - November/December 2017 - 4
PLANSPONSOR - November/December 2017 - 5
PLANSPONSOR - November/December 2017 - 6
PLANSPONSOR - November/December 2017 - 7
PLANSPONSOR - November/December 2017 - 8
PLANSPONSOR - November/December 2017 - 9
PLANSPONSOR - November/December 2017 - 10
PLANSPONSOR - November/December 2017 - 11
PLANSPONSOR - November/December 2017 - 12
PLANSPONSOR - November/December 2017 - 13
PLANSPONSOR - November/December 2017 - 14
PLANSPONSOR - November/December 2017 - 15
PLANSPONSOR - November/December 2017 - 16
PLANSPONSOR - November/December 2017 - 17
PLANSPONSOR - November/December 2017 - 18
PLANSPONSOR - November/December 2017 - 19
PLANSPONSOR - November/December 2017 - 20
PLANSPONSOR - November/December 2017 - 21
PLANSPONSOR - November/December 2017 - Seeking Value
PLANSPONSOR - November/December 2017 - 23
PLANSPONSOR - November/December 2017 - 24
PLANSPONSOR - November/December 2017 - 25
PLANSPONSOR - November/December 2017 - 26
PLANSPONSOR - November/December 2017 - 27
PLANSPONSOR - November/December 2017 - 28
PLANSPONSOR - November/December 2017 - 29
PLANSPONSOR - November/December 2017 - 2017 DC Survey: Plan Benchmarking
PLANSPONSOR - November/December 2017 - 31
PLANSPONSOR - November/December 2017 - 32
PLANSPONSOR - November/December 2017 - 33
PLANSPONSOR - November/December 2017 - 34
PLANSPONSOR - November/December 2017 - 35
PLANSPONSOR - November/December 2017 - 36
PLANSPONSOR - November/December 2017 - 37
PLANSPONSOR - November/December 2017 - 38
PLANSPONSOR - November/December 2017 - 39
PLANSPONSOR - November/December 2017 - 40
PLANSPONSOR - November/December 2017 - 41
PLANSPONSOR - November/December 2017 - 42
PLANSPONSOR - November/December 2017 - 43
PLANSPONSOR - November/December 2017 - 44
PLANSPONSOR - November/December 2017 - 45
PLANSPONSOR - November/December 2017 - 2017 Research Year in Review
PLANSPONSOR - November/December 2017 - 47
PLANSPONSOR - November/December 2017 - 48
PLANSPONSOR - November/December 2017 - 49
PLANSPONSOR - November/December 2017 - 50
PLANSPONSOR - November/December 2017 - 51
PLANSPONSOR - November/December 2017 - 52
PLANSPONSOR - November/December 2017 - 53
PLANSPONSOR - November/December 2017 - Owning a Piece of the Firm
PLANSPONSOR - November/December 2017 - 55
PLANSPONSOR - November/December 2017 - 56
PLANSPONSOR - November/December 2017 - 57
PLANSPONSOR - November/December 2017 - Breaking Up With a Fund
PLANSPONSOR - November/December 2017 - 59
PLANSPONSOR - November/December 2017 - Reporting Requirements
PLANSPONSOR - November/December 2017 - 61
PLANSPONSOR - November/December 2017 - 62
PLANSPONSOR - November/December 2017 - 63
PLANSPONSOR - November/December 2017 - 64
PLANSPONSOR - November/December 2017 - Cover3
PLANSPONSOR - November/December 2017 - Cover4
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