Assess the current enrollment process

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Reference no: EM133401018

Assignment:

The emphasis on the 403(b) plan will serve as a key employee retention tool for the organization. Currently, many part-time staff are unaware they're eligible to participate in the plan not to mention the generous employer match. As a member of the task force, you've been assigned the following tasks:

Assess the current enrollment process.
Determine issues with the current process.
Identify ways to streamline the current enrollment process.

Current Enrollment Process

After you have completed 1 year of qualifying service, you can complete the 403(b) enrollment form and participate in the plan. Once enrolled, the plan will deduct 1% of your pay and match 1% with an additional 2%.
These contributions will be defaulted to an account with the plan provider and invested in a Target Retirement Fund, based on your current age and assuming a retirement age of 65.
You can contribute from 1% to 100% of your eligible pay, up to the annual IRS dollar limits.
If you have reached age 50 or will reach 50 during the calendar year and are making the maximum plan or IRS contribution, you can make additional catch-up contributions.
You can select from a three-tier investment line-up, which includes:
Target date retirement funds
Passively managed funds
Actively managed funds

Reference no: EM133401018

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