Newkirk Launches Automatic Enrollment Targeted Communication
ALBANY, NY, February 7, 2008 -- Newkirk today unveiled its Automatic Enrollment "SmartSingle," a personalized communication designed to satisfy DOL and IRS notice requirements for QACA/EACA and QDIA. The full-color, four-page communication can be mailed directly to participants or bulk-shipped to plan sponsors for redistribution to newly eligible, automatically enrolled participants.
"We've attempted to incorporate all of the various legal and regulatory requirements concerning QACA and QDIA in a single communication," noted Pete Newkirk, President of Newkirk. "But this communication is much more than just a notice. It provides participant-specific illustrations of the impact of the deferrals and other information about the plan's operation. And it presents the sponsor and the provider in a most attractive light."
The Newkirk automatic enrollment targeted communication includes the following:
- Explanation of how automatic enrollment and automatic deferral increase provisions work.
- Explanation of the employer match.
- Participant-specific illustration of how deferrals and employer match contribute to a participant's retirement nest egg.
- Opt-out instructions for participants wishing to terminate their enrollment in the plan.
- Opt-out instructions for participants who do not wish to participate in the plan's automatic deferral increase.
- Instructions on how to change the default investment.
- The QDIA notice, including a specific reference to the appropriate default investment where a plan's default is an age-based or target maturity fund.
- Incorporation of sponsor and provider logos.
- Insertion of the communication into a sealed envelope to protect privacy.
About Newkirk
Newkirk and its subsidiary companies are leading-edge defined-contribution plan communication providers. For over 30 years, Newkirk has developed creative solutions to communication issues faced by financial institutions and professional firms focusing on 401k, 457, 403b, money purchase, and profit sharing plans. For more information, visit www.newkirk.com or call 800.525.4237.
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