DRESHER,
Pa., Sept. 4, 2024 /PRNewswire/ -- Newport, an Ascensus company, and
PLANSPONSOR released the results of the 2024 Newport/PLANSPONSOR
NQDC (Nonqualified Deferred Compensation) Trends Survey. This
year's survey revealed that employers are increasingly looking to
use NQDC plans in their effort to attract and retain key employee
talent and are expanding offering these plans to deeper levels of
their organizations. The full report can be downloaded here.
The report, released biannually since 2020, is the retirement
industry's broadest and most comprehensive employer perspective on
NQDC plans, providing insights and trends from among hundreds of
the nation's leading firms.
"We're pleased to continue our partnership on this survey with
PLANSPONSOR and share this important information with the NQDC
industry," said Mike Shannon, Senior
Vice President, NQ Strategic Development. "This year's survey
results confirmed the trend we've been seeing—more small and
mid-sized companies are implementing NQDC plans. The final report
is a useful tool for employers and plan committees as the need to
attract and retain key employees in today's job market continues to
intensify."
Key Findings
- An increasing need to attract and retain top-tier senior
leadership is prompting small and mid-sized businesses to integrate
NQDC plans into their benefits packages.
- Offering financial wellness (budgeting, debt management,
investment and retirement planning) is becoming a growing trend as
an added benefit to NQDC plan participants.
- A plan sponsor's primary goal is a continued focus on
communicating to and educating plan participants.
- Businesses are increasingly employing a mix of corporate-owned
life insurance (COLI) and mutual funds. This shift has emerged as
plan sponsors recognize that leading recordkeepers with expertise
in the NQDC market are capable of administering various types of
trust funding.
- A number of plan sponsors are considering switching NQDC plan
administrators to enhance service, cut costs, or access better
features.
Developed jointly by PLANSPONSOR and Newport, an Ascensus company, the survey was
sent to a cross-section of organizations, ranging in size, and
including PLANSPONSOR subscribers, Fortune 1000 companies, and
various other for-profit and tax-exempt companies. The data
collected includes responses from more than 265 unique companies
across 46 different industries. The survey aims to capture the
current state of NQDC plans and today's issues facing advisors,
plan sponsors, and their participants. The full survey report can
be downloaded here.
"Nonqualified deferred compensation plans are an important
recruitment and retention tool for top executives at employers of
all types and sizes," says Alison Cooke
Mintzer, Publisher, PLANSPONSOR, Managing Director,
ISS STOXX. "The Newport/PLANSPONSOR survey shows employers
continue to adjust strategies to improve the financial benefits of
NQDC plans for employees while streamlining administration and
securing funding."
The data provided by the report can be leveraged by both
employers and executive leadership within organizations when
considering the benefits and priority level of certain plan design
features based on employee needs. Financial advisors also use the
report in benchmarking plan success with clients, referencing the
data in conversations around current market trends. The in-depth
analysis provided in the report allows audiences to quickly pull
key insights from the data, allowing them to take advantage of the
expertise of Newport's
nonqualified plan consultants.
About Ascensus
Ascensus is a market-leading enabler of tax-advantaged
savings—providing technology, services, and expertise that help
millions of people save for a better future.
The company is a premier savings program service provider,
third-party administrator, and government savings facilitator. Its
platforms, industry knowledge, and data-based insights enhance the
growth and success of its partners, their clients, and savers
through co-branded, private-labeled, and governmental
partnerships.
Ascensus offers comprehensive qualified and nonqualified
retirement plan solutions, third-party retirement plan
administration, 529 education and ABLE savings program
administration, corporate- and bank-owned life insurance solutions,
and fiduciary and total rewards services.
The company's brands include Ascensus; Newport, an Ascensus company; and FuturePlan
by Ascensus. Ascensus has more than $818
billion in assets under administration and employs more than
5,700 associates as of June 30,
2024.
For more information,
visit ascensus.com and newportgroup.com.
About PLANSPONSOR
PLANSPONSOR is the premier educational and informational
resource for U.S. retirement benefits programs. Our mission is to
help retirement plan fiduciaries meet their responsibilities and
address challenges associated with plan management.
PLANSPONSOR is one of the media brands within ISS Market
Intelligence (MI), a leading provider of data, insights, and market
engagement solutions to the global financial services industry. ISS
MI empowers asset and wealth management firms, insurance companies,
distributors, service providers, and technology firms to assess
their target markets, identify and analyze the best opportunities
within those markets, and execute on comprehensive go-to-market
initiatives to grow their business.
For more information, visit plansponsor.com and
issmarketintelligence.com.
View original content to download
multimedia:https://www.prnewswire.com/news-releases/newport-an-ascensus-company-and-plansponsor-trends-survey-shows-broader-adoption-of-nonqualified-deferred-compensation-plans-302238432.html
SOURCE Ascensus