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PLAN DISTRIBUTIONS: Outsourcing Automatic Rollovers Strengthens Core Recordkeeping Functions
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Journal Article
PLAN DISTRIBUTIONS: Outsourcing Automatic Rollovers Strengthens Core Recordkeeping Functions
2018
Overview
A rapidly evolving regulatory environment is galvanizing change in the retirement industry, with automatic enrollment acting as a double-edged catalyst. On one side, it may help improve retirement security for millions of Americans who might otherwise never have saved in a workplace retirement plan. On the other, it has exacerbated issues associated with small accounts that are left behind by former employees. During the past few years, the Department of Labor, Internal Revenue Service, and Congress have focused more closely on plan sponsors' and plan service providers' management of small accounts that have been left behind. Greater regulatory scrutiny is changing the way some service providers approach automatic rollover services. Instead of providing the services in-house, they've begun to outsource rollovers to firms that specialize in servicing small balance accounts. Outsourcing strengthens business functions by allowing recordkeepers to focus on core services. Another driver behind outsourcing automatic rollovers was risk management.
Publisher
Aspen Publishers, Inc
