401(k) Plans in Living Color

401(k) Plans in Living Color

DOL Report on 401(k) Participation Rates of Latinos

IMPROVING RETIREMENT SECURITY FOR LATINOS: OVERVIEW OF RACIAL AND ETHNIC DISPARITIES AND IDEAS FOR IMPROVEMENT was presented at the ERISA Advisory Council

Disparities for Women and Minorities in Retirement by Leticia Miranda Associate Director, Economic and Employment Policy Project National Council of La Raza on September 1, 2010 is an excellent report with respect to participation rates among Latinos working in the United States.  A copy can be found on the DOL website or via the hyperlink below.

IMPROVING RETIREMENT SECURITY FOR LATINOS

Latinos: The New 401(k) Market Opportunity?

Latinos: The New 401(k) Market Opportunity?  By Ruthie Ackerman

With Latinos being the fastest-growing segment of the United States workforce, it would seem that capturing the Latino 401(k) market would be big business for plan providers. Yet the Latino population has remained elusive, choosing not to take part as often as Whites or Asians when employer-sponsored retirement plans are offered, and dipping into their 401(k) for loans, significantly reducing their retirement savings.

Foreign Language Employee SPD Requirements

If as of the first day of a plan year the plan covers either (a) fewer than 100 participants, 25% or more of whom are only literate in a single common foreign language, or (b) 100 or more participants, of whom 10% or more (or 500 if less) are only literate in a single common foreign language, then if the distributed SPD is not also provided translated into that common foreign language, the English SPD must be accompanied by a notice written in the common foreign language offering assistance and clearly setting forth the procedures to be followed to obtain such assistance.