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Article: Enrollment catch; Anti-garnishment laws prevent non-ERISA plans from using automatic signup feature for DC plans.(Employee Retirement Income Security Act of 1974)
- Article from:
- Pensions & Investments
- Article date:
- April 30, 2007
- Author:
CopyrightCOPYRIGHT 2007 Crain Communications, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: John Begley
Automatic enrollment, enacted as part of the Pension Protection Act last year, should prove to be a tremendous savings opportunity for employees in corporate America and a huge step toward a healthier financial future. However, workers in some governmental and not- for-profit sector organizations with non-ERISA retirement plans - whether they are 401(k), 403(b) or 457 plans - cannot benefit from this crucial opportunity to encourage retirement readiness. Why are employees in these organizations being left out?
That is because 37 states and the District of Columbia have decades-old wage and hour or payroll laws on the books. Sometimes ...
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Article: 401(k) Plans Adopt Some Pension-Plan Techniques.(automatic ...
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... ... senior vice president of Fidelity Investments' FIRSCo Plan Sponsor ... an effort to comply, automatic enrollment was adopted in 2000 ... company increased the automatic enrollment to 6%, reinstated a ... initial concerns that automatic enrollment might roil employees ...
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