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Four Ways to Improve 403b Plans

    

ARLINGTON, VA, September 5, 2019 -- Just in time for 403b Day, new research from the National Tax-Deferred Savings Association (NTSA) highlights opportunities that can help increase participation and savings for the nation's public education professionals.

Building on the foundation of NTSA's ground-breaking 2018 survey of public education 403b retirement plans, "Improving Retirement Savings for America's Public Educators," the new white paper expands on the positive impact of four specific plan design features: (1) automatic enrollment, (2) match programs, (3) special pay plans and (4) retirement education programs.

"Improving employee financial health contributes to increased employer financial health and operational efficiency," notes Brent Neese, Executive Director of NTSA. "By focusing on available plan design options, an employer can save money while providing for additional savings for their employees towards retirement."

The white paper outlines a number of positive impacts for both plan participants and their employers from these design initiatives, including:

  • Increased participation and savings rates
  • More financially secure employees who stay longer, are happier and more productive
  • Enhanced value of benefits, improving ability to attract and retain valued employees.
  • Providing fiscal budget flexibility and tools in managing outlays for employees near retirement

Copies of the new NTSA whitepaper, "Opportunities to Improve Your 403b Plan" are available at www.ntsa-net.org

About the National Tax-Deferred Savings Association

Formed in 1989, the National Tax-Deferred Savings Association (NTSA) represents nearly 6,000 practitioners, agencies and corporate members. For nearly three decades, NTSA has been nationally recognized for its thought leadership and policy expertise with regard to public-sector retirement plans. NTSA represents its membership in Washington, D.C. and state capitals across the country to address issues and design retirement plans that improve employee outcomes. NTSA also provides high-quality education, professional development and information resources for those involved in the non-profit, 403b and 457b marketplace.

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