Fifty-seven percent of workers would like to make their own financial decisions but have someone validate those decisions, and 31% want specific advice, PwC found.
Among those that are now considering physical, social, financial, community and mental health, employee productivity is higher.
Plan sponsors that fully automate their plans are more likely than others to believe their workers are on the path towards a financially secure retirement, J.P. Morgan found.
Education on its own is simply not enough.
A study by Greenwald & Associates and CANNEX shows those close to retirement highly value guaranteed income to supplement Social Security, and suggests advisers consistently underestimate clients’ interest.
Nearly all of those responding to a new Schwab survey say they would feel confident about making the right financial decisions with professional help, yet only half feel their current situation warrants professional advice.
They see them as a way to offload day-to-day asset management oversight so they can strengthen customer relationships.
Yet, it’s important to first gauge employees’ interest in such programs, a Willis Towers Watson expert says.
The Bipartisan Budget Act of 2018 made it easier for retirement plan participants to access hardship withdrawals without taking loans first; since passage of the law, hardships withdrawals are up 40% in Fidelity’s book of business.
The SOA says most plan sponsors that update their mortality assumption from the RP-2006 tables to the new tables will experience only a small change in their pension liabilities, usually within plus or minus 1%.
Defined contribution (DC) plan design and financial advice can help Generation X, who lacks financial stability and is falling short in retirement savings, improve retirement preparedness.
Looking at the hits company balance sheets take from a pension risk transfer (PRT) to terminate a defined benefit (DB) plan, may cause plan sponsors to change course.