Deals & People April 16, 2009

CPI Retirement Platform Adds Aberdeen Funds

Mutual funds advised by Aberdeen Asset Management Inc. have been added to the CPI retirement plan platform, announced CPI Qualified Plan Consultants, Inc., a third-party recordkeeping and administration company.
Reported by

CPI, headquartered in Great Bend, Kansas, said the addition of the Aberdeen funds will further CPI’s goal of giving defined contribution plan sponsors choice and enhanced flexibility, according to a press release.

Aberdeen Asset Management Inc. is the wholly owned U.S. subsidiary of Aberdeen Asset Management PLC, a global investment management group. The company manages more than $31 billion of domestic investments as of December 31.

For more stories like this, sign up for the PLANADVISERdash daily newsletter.

Through CPI’s 13 regional offices located throughout the United States, the company partners with investment institutions and mutual fund companies to provide services to more than 3,000 retirement plan clients and their financial advisers.

For more information about CPI, visit www.cpiqpc.com.

Data & Research April 16, 2009

Most Americans Have Less Than $25k Saved for Retirement

Many Americans have little money put away in savings and investments, according to the 2009 Retirement Confidence Survey (RCS).
Reported by
Among RCS workers providing this type of information, 53% report that the total value of their household’s savings and investments, excluding the value of their primary home and any defined benefit plans, is less than $25,000, and 20% have less than $1,000 in savings.
Although older workers do tend to have more saved than younger workers, overall savings levels still “tend to be modest,” the Employee Benefit Research Institute (EBRI) said. In fact, 30% of those workers age 55 or older have less than $10,000 saved for retirement. However, one-quarter (26%) of workers in that age group have saved $250,000 or more.
Education and income tend to be major factors in whether workers save for retirement and married workers are more likely to have savings. Those who have attempted a retirement savings needs calculation are more likely than their counterparts to have saved money for retirement.

Those who expect to work in retirement and those who do not expect to work in retirement are equally likely to report having saved money for retirement.

Reported Total Savings and Investments Among Workers Providing a Response, 2009 (not including value of primary residence or defined benefit plans)

Never miss a story — sign up for PLANADVISER newsletters to keep up on the latest retirement plan adviser news.

 All WorkersAges 25-34Age 35-44Ages 45-54Ages 55+
Less than $10,00040%53%37%36%30%
$10,000–$24,99913%20%16%7%6%
$25,000–$49,99911%12%8%11%13%
$50,000–$99,99912%9%14%14%10%
$100,000–$249,99912%5%16%15%15%
$250,000 or more12%2%9%17%26%

The 19th Annual RCS, released by the nonpartisan EBRI earlier this week, also found that the percentage of workers that feel very confident about having enough money for a comfortable retirement declined to just 13% this year, down from the previous low of 18% set in 2008 (see “Markets Maul Retirement Confidence’).

Full results of the 2009 Retirement Confidence Survey appear in the April 2009 EBRI Issue Brief, available at www.ebri.org

«