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Understanding 401(k) Plan Automatic Enrollment

Understand the benefits of automatic enrollment and how to implement and administer an automatic enrollment feature.

Does your 401(k) plan have low employee participation rates or struggle to pass annual nondiscrimination testing? Studies of 401(k) plans show that adding an automatic enrollment feature to a plan is one of the most effective ways to increase participation and improve nondiscrimination testing results. This information will provide you with an understanding of the benefits of automatic enrollment, the differences between automatic contribution arrangements, eligible automatic contribution arrangements, and qualified automatic contribution arrangements, and how to implement and administer an automatic enrollment feature.

Runtime: 91 minutes
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Why Lorman?

Over 33 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Agenda

Overview

  • Automatic Enrollment Legal Background
  • Benefits of Automatic Enrollment
    • Participation Rates
    • Nondiscrimination Testing

Types of Automatic Enrollment

  • Basic Automatic Contribution Arrangement (ACA)
  • Eligible Automatic Contribution Arrangement (EACA)
  • Qualified Automatic Contribution Arrangement (QACA)

Automatic Enrollment Structure

  • Safe Harbor vs. Non-Safe Harbor
  • Eligibility
  • Default Elective Deferral Rates and Automatic Increases
  • Employer Contributions
  • Default Investments

Automatic Enrollment Administration

  • Enrollment
  • Notice and Election Requirements
  • Permissible Withdrawals
  • Default Investments and Fiduciary Concerns
  • Nondiscrimination Testing

Compliance and Legal Updates

  • Correcting Automatic Enrollment Errors
  • Secure Act of 2019
  • Future of Automatic Enrollment
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More Program Information

Why Lorman?

Over 33 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Credits

Audio & Reference Manual

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

OnDemand Course

This course was last revised on September 16, 2020.

Call 1-866-352-9540 for further credit information.

  • SHRM 1.5
     
  • Lorman Education Services is recognized by SHRM to offer Professional Development Credits (PDCs) for the SHRM-CPSM or SHRM-SCPSM. This program is valid for 1.5 PDC(s) for the SHRM-CP or SHRM-SCP. For more information about certification or recertification, please visit www.shrmcertification.org.
     

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

MP3 Download

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

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More Program Information

Why Lorman?

Over 33 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Faculty

Adam M. Zuidema, Esq.

Adam M. Zuidema, Esq.

Stevens & Lee

  • Attorney with the Employee Benefits Group of the law firm Stevens & Lee, a Stevens & Lee/Griffin Company
  • Focuses his practice on the design, administration, and compliance of qualified retirement plans, including profit-sharing plans with cash or deferred arrangements under Internal Revenue Code Section 401(k), and regularly represents clients before the Internal Revenue Service and Department of Labor with respect to qualified retirement plan matters
  • Member of the American Bar Association, Lancaster Bar Association, Berks County Bar Association, and Lancaster Society for Human Resource Management
  • J.D. degree, Pennsylvania State University‚Äôs Dickinson School of Law; B.A. degree in political science, Case Western Reserve University
  • Can be contacted at 610-478-2155 or [email protected]
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Why Lorman?

Over 33 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

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Product ID: 407289
Published 2020
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