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Products October 7, 2010
Newkirk Upgrades QDIA Notice Service
Newkirk announced the availability of an enhanced QDIA Notice Service.
Reported by Rebecca Moore
The service now includes the option to include the Qualified Account Contribution Arrangement (QACA), Eligible Account Contribution Arrangement (EACA), or ACA notices in the same communications bundle.
The service offers a number of output options, including PDFs for distribution to plan sponsors for redistribution to participants and personalized notices for direct mailing to participants. In addition, content can include a mix of Newkirk’s version of notices or an uploaded version from the provider’s document system.
According to the announcement, the NewkirkOne QDIA notice includes:
- Fee disclosure information for all three types of acceptable investments: managed accounts, balanced funds, and target date funds
- Instructions for opting out of the default investment
- Short-term investment option information, where such an option exists
The NewkirkOne QACA notice includes:
- Explanation of how automatic enrollment and automatic deferral increase provisions work
- Vesting information
- Employer matching information
- 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