Page 153 - DCAC December 2024 Files
P. 153
Adoption of optional provisions
Provision Implementation date Adoption rate
Elimination of notices for eligible-not-
enrolled employees (Section 320) November 2023 100%
Remove first-day rule
(Section 306) for governmental 457(b) plans December 2023 30%
Student loan match January 2024 <1% Plans that want
(Section 110) to adopt these
Negative consent = 96% provisions may
Increase in cash-out threshold April 2024 (4% opted out)
(Section 304) Affirmative consent = 26% contact their
(opted in) TPA or Empower
Domestic abuse distributions May 2024 10% representative.
(Section 314)
Terminal illness penalty tax exception 20%
(Section 326) September 2024
403(b) hardship distribution expansion 7%
(Section 602) September 2024
Qualified disaster recovery October 2024 8%
distributions (Section 331)
Source: Empower book of business September 9, 2024.
FOR PLAN SPONSOR OR FINANCIAL PROFESSIONAL USE ONLY. RO3766362-0924.
