The Profit Sharing/401k Council of America announced this week it wants to be an advocate for all types of employer-sponsored defined contribution plans and is thus changing its name to Plan Sponsor Council of America (PSCA), in an effort to expand the organization's scope of retirement education and communication.
"PSCA has been somewhat limited by our company name in the past," said PSCA President David Wray. "By calling ourselves the Plan Sponsor Council of America, we are more inclusive of all types of employer-sponsored defined contribution plans. We aren't just here to advocate for profit sharing and 401k plans. We're here for 403(b) plan sponsors, and others, as well."
The name change was brought on by a re-evaluation of how the group can provided added value to its members, according to a press statement. Over the next 18 months, the organization will roll out a series of new member benefits and enhanced services to meet the ongoing needs of plan sponsors.
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Within the last year, PSCA has implemented several new programs and initiatives that are designed to increase the scope of the education and information that they provide to the plan sponsor community. Some of the new programs include:
PSCA's Online ERISA Fiduciary Training Program. While most fiduciary training programs focus almost exclusively on investments, PSCA offers a comprehensive approach that address all areas that are relevant to plan fiduciaries, including fiduciary duties, plan governance, plan documents, monitoring outside consultants, and participant communications. The program is designed for members of fiduciary committees and other employees who have primary responsibility for the operation of their company's ERISA plans. Participants can study at their own pace, and all lessons and tests are available exclusively online. Upon successful completion of the program, participants will receive a fiduciary training certificate.
The Hueler Income Solutions® Platform. This enables PSCA plan sponsor member companies to provide their retiring employees, who are interested in investigating the benefits of a fixed payment system, with access to a web-based annuity purchasing option that allows employees to compare income annuities from leading insurance companies. companies. This annuity purchasing portal includes a robust education component but does not include access to guidance.
Accessing the Hueler Income Solutions® platform through PSCA affords member firms access without the standard connection fee of $5,000 charged to individual plan sponsors. Annuity quotes through the platform will be competitive due to competition and a low, fully disclosed, transaction fee of 1 percent. PSCA will not receive any remuneration in the event a plan participant chooses to purchase an annuity through the Income Solutions® platform.
"This collaborative effort presents a tremendous opportunity for plan sponsors to provide information about this increasingly important form of benefit to their employees," said Kelli Hueler, CEO of Hueler Companies. "Access to low cost annuities through a transparent, objective platform can meaningfully improve monthly income amounts for transitioning employees who seek to 'pensionize' their hard earned retirement savings and maximize their lifetime income stream."
In addition to these new initiatives, PSCA will maintain and expand upon education and communication programs already in place. The bimonthly magazine, Defined Contribution Insights, has been expanded by four pages to include more information and articles by leading industry experts. PSCA continues to host national and regional conferences. In 2011, PSCA will host regional conferences in Atlanta, Chicago, and Dallas. The 65th Annual National Conference will take place on September 11-14, 2012 at The Roosevelt Hotel in New Orleans, LA. PSCA is also taking on a larger role in the 403(b) community by conducting an annual comprehensive survey of hundreds of 403(b) plan sponsors.
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