In an effort to address the problem that national benchmark for public sector defined contribution plans has not existed, the Employee Benefit Research Institute (EBRI) and the National Association of Government Defined Contribution Administrators (NAGDCA) have launched the “Public Retirement Research Lab” (PRRL).
This new single-data resource, first announced last December, will produce research and analysis based on actual participant behavior within public DC plans, instead of having to turn to the private plan 401k market for guidance.
The Lab’s goal is to provide unbiased and actionable findings to plan sponsors, administrators, policymakers and others to inform better decision making around public retirement plans. The Lab will mine data from a new secure Public Retirement Research Database housed and analyzed by EBRI.
“The PRRL will be another way in which EBRI is extending its mission to contribute to sound employee benefit programs and public policy through independent, objective, fact-based research and education,” said Lori Lucas, CFA, President & CEO of EBRI. “EBRI is pleased to partner with NAGDCA to provide our researchers’ expertise to this project to allow for the type of unbiased analyses that many plans in the private sector currently rely on.”
EBRI researchers will work with NAGDCA and PRRL members to analyze the groundbreaking database. A report analyzing 2019 year-end data will be released at NAGDCA’s 2020 Annual Conference in October and at EBRI’s December Policy Forum.
Together, EBRI and NAGDCA are seeking plan sponsors, recordkeepers, administrators and others focused on public retirement plans who are interested in providing critical guidance and data to serve as founding partners. Those interested in participating should contact Lori Lucas at EBRI. More information can be found at PRRL.org.
“NAGDCA has been dedicated to improving public sector defined contribution retirement plans for over 40 years,” said Matt Petersen, NAGDCA’s Executive Director. “Combining our deep knowledge of public sector DC plans with EBRI’s unmatched benefits research capabilities will make the PRRL the premier source of information for understanding how public sector workers are saving for retirement. We can’t wait to see it grow.”