How to Create a Retirement Savings Account

Transcription

1 NAGDCA 2008 Survey of DC Plans 2 1. Please identify the government employee who is responsible for overseeing or administering the plan: Name: Title: Department: Street: City: State/Province: Zip / Postal code: Phone: Fax: Plan's Web site URL: answered question 106 skipped question 0 2. Please identify the type of plan. (Check one; if you offer another plan type please complete a separate survey per plan) % (k) 14.2% (a) 9.4% (b) 1.9% 2 answered question 106 skipped question 0 Page 1

2 3. Please identify the category of the governmental entity responsible for the plan. (Check one) State/Commonwealth 40.6% 43 Local Entity (e.g. city, county, utility district, association of cities, etc.) 52.8% 56 University or Community College 3.8% 4 Other (please specify) 2.8% 3 answered question 106 skipped question 0 4. What is the percentage of active employees with an account balance who did not defer in 2007: 1%-10% 27.0% 27 11%-20% %-30% 9.0% 9 31%-40% %-50% 3.0% 3 51%-60% 2.0% 2 61%-70% 2.0% 2 71%-80% 2.0% 2 81%-90% 0 91%-100% 1.0% 1 Unknown 24.0% 24 answered question 100 skipped question 6 Page 2

3 5. What percentage of existing accounts are represented by persons who are severed from service? 1%-10% 22.0% 22 11%-20% %-30% 17.0% 17 31%-40% 11.0% 11 41%-50% 4.0% 4 51%-60% 0 61%-70% 0 71%-80% 0 81%-90% 1.0% 1 91%-100% 0 Unknown 25.0% 25 answered question 100 skipped question 6 Page 3

4 6. Select the average amount of deferral in 2007 per active participant. $1, % 5 $1, % 3 $2, % 2 $2, % 8 $3, % 13 $3, % 5 $4, % 6 $4, $5, $5, % 2 $6, % 5 $6, % 3 $7, % 5 $7, % 3 $8, % 4 $8, % 2 $9,000 0 $9,500 0 $10,000 0 More than $10, % 2 Unknown 12.0% 12 answered question 100 skipped question 6 Page 4

5 7. What percentage does the dollar value of all 2007 distributions (including outgoing rollovers) represent of total plan assets as of December 31, 2007? 1%-10% 76.8% 76 11%-20% 6.1% 6 21%-30% 1.0% 1 31%-40% 1.0% 1 41%-50% 1.0% 1 51%-60% 0 61%-70% 0 71%-80% 0 81%-90% 0 91%-100% 0 Unknown 14.1% What type of distributions are offered? Systematic 8.1% 8 Periodic 6.1% 6 Annuity at Distribution 0 Lump sum/full withdrawal 9.1% 9 Other 76.8% 76 Page 5

6 9. What percentage does the dollar value of all 2007 rollovers out of the plan represent of total plan assets as of December 31, 2007? 1%-10% 81.8% 81 11%-20% 2.0% 2 21%-30% 0 31%-40% 1.0% 1 41%-50% 0 51%-60% 0 61%-70% 0 71%-80% 0 81%-90% 0 91%-100% 0 Unknown 15.2% If your plan tracks the destination of rollovers, please break down your total into the following categories: 10% 20% 30% 40% 50% 60% 70% 80% 90% 1%- 11%- 21%- 31%- 41%- 51%- 61%- 71%- 81%- 91%- 100% Unknown age rolled to IRAs 9.1% (9) 2.0% (2) 2.0% (2) 5.1% (5) 6.1% (6) 7.1% (7) 6.1% (6) 4.0% (4) 58.6% (58) age rolled to other employersponsored plans (e.g. 401(k), 403 (b), 457) 30.6% (30) 5.1% (5) 4.1% (4) 1.0% (1) 59.2% (58) age rolled to your government's defined benefit plan for purchase of service credit 33.3% (32) 6.3% (6) 1.0% (1) 1.0% (1) 2.1% (2) 56.3% (54) answered que skipped que Page 6

7 11. Are participants encouraged to roll funds into your plan via an incoming rollover? Yes 88.9% 88 No 11.1% Does your plan allow purchase of service credits? Yes 74.7% 74 No 25.3% How often is an audit performed on your plan? (Check one) Every year 55.6% 55 Every two years 2.0% 2 Frequency of audit varies 19.2% 19 No outside audit performed 23.2% 23 Page 7

8 14. What type of audit is done? (Check one) Financial audit 37.4% 37 Contract compliance audit 5.1% 5 Both 34.3% 34 No audit is performed 23.2% Which three communication or education methods have you found to be most effective? (Only choose three.) Payroll Stuffers 7.1% 7 Enrollment booklet 22.2% 22 Enrollment video 1.0% 1 Targeted Postcards 16.2% 16 Posters 1.0% 1 Newsletter 25.3% 25 Retirement booklets 1.0% 1 Investment education material 8.1% 8 Group enrollment seminars 47.5% 47 Group investment seminars 24.2% 24 Group retirement planning seminars 38.4% 38 Person-to-person pre-enrollment counseling 42.4% 42 Person-to-person retirement distribution counseling 15.2% 15 Telephone voice response system for account inquiry and/or transaction instructions 1.0% 1 Page 8

9 "Blast" s to all employees or all participants 15.2% 15 Video conferencing 0 Webcast 0 Internet/Website 20.2% 20 Benefit Fairs 13.1% 13 Other 12.1% How does your plan permit participant deferral elections? (Check one) Participants elect to defer a specific dollar amount 42.4% 42 Participants elect to defer a specific percent of salary 12.1% 12 Individual participant may choose whether to elect a specific dollar amount or a specific percent of salary 34.3% 34 Varies by participating employer 0 Other 11.1% 11 Page 9

10 17. What is your plan's minimum monthly deferral requirement? (Check one) No minimum 18.2% 18 $ % 23 $ % 16 $ % 25 more than $30 4.0% 4 Specific percent of salary 13.1% What percent of participants in your plan deferred the maximum annual contribution limit in 2007? (Check one) 0 1.0% 1 1-5% 43.4% % 22.2% % 7.1% % 3.0% 3 31% or more 2.0% 2 Unknown 21.2% 21 Page 10

11 19. What percentage of eligible participants have loans outstanding? (Check one) Less than 1% 8.1% 8 1-5% 21.2% % 9.1% % 9.1% 9 More than 20% 6.1% 6 Do not offer loans 46.5% How often does the plan conduct customer/participant satisfaction surveys? (Check one) On-going process 10.1% 10 Monthly 1.0% 1 Quarterly 0 Semi-annually 2.0% 2 Annually 30.3% 30 Rarely 30.3% 30 Never 14.1% 14 Other 12.1% 12 Page 11

12 21. How does the plan assess customer satisfaction? (Check all that apply) Survey all participants 29.3% 29 Survey of random sample of all participants 25.3% 25 Survey of random sample of participants who have requested services 13.1% 13 Follow up letter to all participants who have requested services 6.1% 6 Track participant feedback 26.3% 26 Focus groups 17.2% 17 Not applicable 24.2% 24 Other 10.1% What method of survey do you use? Automated phone 19.5% 16 Mail/print 59.8% 49 One-on-one 12.2% 10 Internet 29.3% 24 Other 24.4% 20 answered question 82 skipped question 24 Page 12

13 Additional written responses Section 1 3. Please identify the category of the governmental entity responsible for the plan. (Check one) Comment Text Date 1. special district Thu, 6/12/08 4:15 PM 2. Special District Thu, 6/12/08 12:17 PM 3. separate public entity Fri, 6/6/08 9:16 AM Section 3 2. What type of distributions are offered? Comment Text Date 1. All of the above are offered Wed, 6/25/08 9:35 AM 2. Systematic, Periodic & Lump Sum/Full Withdrawals Mon, 6/16/08 2:58 PM 3. ALL ABOVE Sat, 6/14/08 7:12 PM 4. ALL ABOVE Sat, 6/14/08 7:08 PM 5. all of the above Fri, 6/13/08 5:01 PM 6. all of the above Fri, 6/13/08 4:57 PM 7. All the Above Fri, 6/13/08 2:33 PM 8. Al of the above Fri, 6/13/08 2:02 PM 9. All of the above Thu, 6/12/08 9:34 PM 10. All of the above Thu, 6/12/08 7:37 PM 11. All listed are offered. Thu, 6/12/08 6:09 PM 12. systematic and lump sum Thu, 6/12/08 4:17 PM 13. All above plus partial lump sum, No annuity Thu, 6/12/08 3:08 PM 14. All of the above Thu, 6/12/08 12:52 PM 15. Systematic, periodic, annuity at distribution, lump sum, MRD. Thu, 6/12/08 12:38 PM 16. Systematic, periodic, lump sum, full withdrawal, MRD. Thu, 6/12/08 12:34 PM 17. All of the above Thu, 6/12/08 11:41 AM

14 18. all of the above Wed, 6/11/08 8:25 PM 19. all possible distribution schemes are accommodated Wed, 6/11/08 1:07 PM 20. all of the above Wed, 6/11/08 12:13 PM 21. Choice of Lump Sum or Annuity Wed, 6/11/08 10:45 AM 22. All of the above Tue, 6/10/08 7:09 PM 23. All of the above except Annuity Tue, 6/10/08 1:55 PM 24. Systematic, periodic, and lump sum/full withdrawal Tue, 6/10/08 1:21 PM 25. Systematic, periodic, and lump sum/full withdrawal Tue, 6/10/08 1:17 PM 26. Systematic, periodic, lump sum/full withdrawal Tue, 6/10/08 1:08 PM 27. All of the Above including Rollovers from Qualified Plans Tue, 6/10/08 9:37 AM 28. all apply Mon, 6/9/08 5:49 PM 29. periodic, annuity at distributions and lump sum Mon, 6/9/08 1:58 PM 30. All of the above Mon, 6/9/08 11:58 AM 31. Periodic, Fixed Dollar, Lump Sum, Partial Lum Sum Mon, 6/9/08 10:52 AM 32. Periodic, Fixed Dollar, Lump Sum, Partial Lump Sum Mon, 6/9/08 10:40 AM 33. ALL OF THE ABOVE Mon, 6/9/08 10:26 AM 34. all of the above Fri, 6/6/08 7:37 PM 35. All of the above, but only one check mark permitted Fri, 6/6/08 4:39 PM 36. systematic, periodic and lump sum Fri, 6/6/08 12:59 PM 37. periodic, annuity, lump Fri, 6/6/08 12:34 PM 38. Periodic or lump sum Fri, 6/6/08 10:10 AM 39. all of the above Fri, 6/6/08 9:24 AM 40. All of the above, plus transfers to an eligible retirement plan Thu, 6/5/08 4:24 PM 41. Periodic and Lump Sum Thu, 6/5/08 2:49 PM 42. All of the above are offered Thu, 6/5/08 10:25 AM 43. Periodic, lump sum, annuity, installments, rollovers Thu, 6/5/08 9:36 AM 44. all the above plus hardship and periodic withdrawals Wed, 6/4/08 5:01 PM

15 45. Systematic, Periodic, Partial Balance, Lump Sum, Full Wed, 6/4/08 4:02 PM 46. Participants can choose between annuity, lump sum/full, & periodic. Wed, 6/4/08 2:06 PM 47. Lump sum, periodic and amount certain (one-time payment) Wed, 6/4/08 1:50 PM 48. Lump Sum, periodic and amount certain Wed, 6/4/08 1:44 PM 49. All of the Above Wed, 6/4/08 9:02 AM 50. All of the above. Tue, 6/3/08 6:23 PM 51. Periodic, lump sum, partial lump sum Tue, 6/3/08 4:57 PM 52. Systematic, Periodic and Lum Sum Tue, 6/3/08 12:46 PM 53. All of the above Mon, 6/2/08 9:19 PM 54. All of the above plus on demand Mon, 6/2/08 8:54 PM 55. All of the above plus on demand Mon, 6/2/08 8:49 PM 56. All distributions mentioned are offered. Does not let you mark all. Mon, 6/2/08 12:09 PM 57. we offer periodic, lump sum, partial, service credit purchase, and rollover 58. we offer periodic, lump sum, partial, service credit purchase, and rollovers Thu, 5/29/08 3:32 PM Thu, 5/29/08 3:27 PM 59. All of the above Wed, 5/28/08 5:09 PM 60. All of the above Wed, 5/28/08 5:05 PM 61. All of the above Wed, 5/28/08 10:29 AM 62. Systematic, periodic and lump sum Wed, 5/28/08 8:30 AM 63. Systematic, periodic and lump sum Wed, 5/28/08 8:27 AM 64. All of the above Fri, 5/23/08 1:58 PM 65. All of the above Wed, 5/21/08 3:10 PM 66. All items above + rollovers Wed, 5/21/08 9:34 AM 67. All items above + rollovers Wed, 5/21/08 9:28 AM 68. All of the above Fri, 5/16/08 6:48 PM 69. lump sum, periodic, systematic Fri, 5/16/08 4:37 PM 70. all of the above Fri, 5/16/08 4:19 PM 71. All of the above Fri, 5/16/08 3:33 PM

16 72. systematic, periodic and lump sum/full wd Thu, 5/15/08 12:28 PM 73. All of the above except annuity, plus loans, de minimus and hardships Wed, 5/14/08 6:53 PM 74. Dollar, time period, lump sum Wed, 5/14/08 5:27 PM 75. Dollar, time period, lump sum Wed, 5/14/08 5:22 PM 76. all of the above Wed, 5/14/08 11:23 AM Section 5 1. Which three communication or education methods have you found to be most effective? (Only choose three.) Comment Text 1. Individual meetings to enroll new participants or review existing accounts. Date Wed, 6/25/08 9:36 AM 2. person to person investment counseling Thu, 6/12/08 4:18 PM 3. person-to-person counseling in general, pre-enrollment, asset allocation, etc. 4. person-to-person counseling in general, pre-enrollment, asset allocation, etc. Thu, 6/12/08 12:39 PM Thu, 6/12/08 12:34 PM 5. Person to Person Counseling Thu, 6/12/08 12:22 PM 6. New employee meetings Fri, 6/6/08 10:16 AM 7. new employee meetings Fri, 6/6/08 10:11 AM 8. Plan Provider mail outs with statements Thu, 6/5/08 10:27 AM 9. Group educational seminars Wed, 6/4/08 5:01 PM 10. Person to person in service savings planning consulting Mon, 6/2/08 8:54 PM 11. person to person in service saving planning counseling Mon, 6/2/08 8:50 PM 12. Program conducts a Financial Education Seminar with PERS, Social Security,etc, twice per year Fri, 5/16/08 4:21 PM Section 6 1. How does your plan permit participant deferral elections? (Check one) Comment Text Date 1. mandatory 8% Wed, 6/11/08 10:45 AM 2. Amount of deferral set by state statute Mon, 6/9/08 12:02 PM

17 3. all can elect dollar amt; some can also elect percent Mon, 6/9/08 10:53 AM 4. all can do dollar amt; some can also deferr percent Mon, 6/9/08 10:45 AM 5. Mandatory set amount Fri, 6/6/08 10:12 AM 6. contribution % set by statute Fri, 6/6/08 9:27 AM 7. Specific percent of salary plus and additional amount or percentage Thu, 6/5/08 10:28 AM 8. $15.00 Flat matching contribution Tue, 5/27/08 9:11 AM 9. mandatory in lieu of social security - 8% Fri, 5/16/08 4:38 PM Section 8 1. How often does the plan conduct customer/participant satisfaction surveys? (Check one) Comment Text Date 1. Every two years Fri, 6/13/08 2:36 PM 2. before or after any significant change to the Plan as well as the year before RFP is advertised Fri, 6/13/08 11:35 AM 3. as needed Wed, 6/11/08 8:27 PM 4. EVERY THREE YEARS Mon, 6/9/08 10:28 AM 5. one survey in 2003 and ongoing evaluation of seminars Fri, 6/6/08 12:36 PM 6. Bi-annually Wed, 6/4/08 2:46 PM 7. Bi-annually Tue, 6/3/08 6:55 PM 8. Once every two years Tue, 5/27/08 9:14 AM 9. Once every two years Tue, 5/27/08 9:04 AM 10. Every other year Fri, 5/23/08 5:34 PM 11. Every other year Fri, 5/16/08 6:50 PM 12. varies depending on type of survey Thu, 5/15/08 12:29 PM 2. How does the plan assess customer satisfaction? (Check all that apply) Comment Text Date 1. Customer reps ask about performance at end of call Thu, 6/12/08 3:11 PM 2. Evaluations after workshops Thu, 6/5/08 9:38 AM

18 3. survey all eligible employees Wed, 6/4/08 5:03 PM 4. Suggestion/Comment Box in Customer Service Center Wed, 6/4/08 1:51 PM 5. Suggestion/Comment Box in Customer Service Center Wed, 6/4/08 1:46 PM Advisory Committee with reps from each bargaining unit Wed, 6/4/08 9:05 AM 7. Survey at annual participant fair plus face to face feedback Mon, 6/2/08 8:55 PM 8. Feedback from in person consultation and annual participant event Mon, 6/2/08 8:52 PM 9. Word of mouth through Account Reps Wed, 5/28/08 10:32 AM 10. group and individual evaluation sheets Wed, 5/14/08 11:25 AM 3. What method of survey do you use? Comment Text Date 1. Intranet Fri, 6/13/08 6:49 PM 2. Intranet Thu, 6/12/08 9:36 PM 3. Last survey was 4 years ago Thu, 6/12/08 7:39 PM 4. Thu, 6/12/08 12:39 PM 5. Thu, 6/12/08 12:36 PM 6. direct one-on-one telephone survey Mon, 6/9/08 10:54 AM 7. direct one-on-one telephone survey Mon, 6/9/08 10:46 AM 8. personal phone Fri, 6/6/08 1:03 PM 9. written evaluations after seminars Fri, 6/6/08 12:36 PM Advisory Committee with reps from each bargaining unit Wed, 6/4/08 9:05 AM 11. non-automated phone Wed, 5/14/08 5:28 PM 12. Non-automated phone Wed, 5/14/08 5:24 PM