QDIA and Auto Enroll Participant Notices: Written notices must be provided to participants by plan sponsors who offer a qualified default investment alternative (QDIA) for their ERISA governed plan and/or Auto Enroll as described below. The notice must contain a description of the circumstances in which default investments will be made, the participant's right to direct the investments, a description of the QDIA, if applicable, including a description of the investment objectives, risk and return characteristics, and fees and expenses, the transfer rights from the QDIA to other plan investment alternatives, and where the participant may obtain information about the plan's other investment alternatives.
TIAA-CREF has prepared sample participant notices designed to meet the final QDIA and Auto Enroll notice requirements. These notices are available for download (verify your plan type in the descriptions below before downloading). The notices should be reviewed with your legal counsel and modified to conform to your retirement plans' provisions.
There are four components that comprise the QDIA package to support your QDIA initial and annual notification requirements:
Choose the appropriate package for your organization's plan type:
Initial Auto Enroll Notice - should be provided no later than the date of hire or as soon as practicable before first automatic contribution into the plan.
Annual Auto Enroll Notice - should be distributed 30 to 90 days prior to beginning of each plan year.
For plans with automatic enrollment only: