Following are some tips concerning enrollment of participants.
- If applicable, provide employee census information before each entry date to determine eligibility.
- Evaluate eligibility to determine who enters the plan on each entry date.
- The enrollment package should include information about the employer’s 403(b) plan and the information to either enroll online or paper.
- Provide enrollment forms to eligible employee (for deferral elections, investment elections, and beneficiary designations).
- Provide mandatory notices at enrollment for universal availability.
Editor’s Note: This is an occasional feature in the NTSA Advisor. This tip is taken from the 403(b) Plan Sponsor Guide, which is being made available to school districts nationally to assist them in understanding how to improve 403(b) plan participation and savings rates to help employees achieve a comfortable and timely retirement.
The 403(b) Plan Sponsor Guide is part of the content contained in the NTSA Certified Retirement Education Specialist (CRES) materials. The NTSA Certified Retirement Education Specialist (CRES) program and designation has been developed in order to equip advisors to be qualified and available to teach the NTSA educational program, which is designed to provide teachers with the basics of planning for retirement and improve their retirement readiness. More information about CRES is available here.
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