Data & Research May 7, 2012

Employees Not Taking Advantage of 401(k) Plan Offerings

Despite efforts by employers to educate workers on their 401(k) offering, most workers are not taking full advantage of their plans.
Reported by

More than half (54%) of employers report that employees participating in plans are not taking full advantage of the investment options, features and services offered in connection with their 401(k) plan, according to a survey by Charles Schwab.

In order to better engage employees, the majority of employers plan to make as much or more extensive use of traditional outreach methods, including interactive planning tools (93%), printed educational materials (93%) and in-person workshops (81%). Only 16% of employers plan to adopt or promote personalized savings and investment management through a third-party adviser.  

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A growing number of employers are using or considering the use of automatic solutions. In total, 45% are currently auto-enrolling employees and another 25% are very or somewhat likely to do so.   

In July and August 2011, CFO Research Services conducted an online survey and gathered responses from 215 senior finance and human resources executives at U.S. companies with annual revenues of $100 million or higher.

 

Deals & People May 7, 2012

Tuttle Announces Plans to Step Down as FPA Executive Director

 

Marvin W. Tuttle Jr., executive director of the Financial Planning Association (FPA) since 2004, said he will step down from the position in 2014.

 

 

Reported by

Tuttle began his involvement in financial planning as director of communications for the Institute of Certified Financial Planners in Denver in 1983. The group merged with the International Association for Financial Planning to form FPA in 2000.

He served as FPA’s associate executive director from 1993 to 2004 and as publisher and editor of the organization’s publication, the Journal of Financial Planning from 1983 to 2004. He received the Certified Association Executive (CAE) designation from the American Society of Association Executives in 1996. In 2001, he helped to establish FPA’s National Financial Planning Support Center, which is dedicated to developing and providing pro bono services for the public in need.

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The FPA board will begin a search late this year or early next year and hopes to have candidates by the end of 2013, Tuttle said.

 

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