Not only does the solution help prevent 401(k) loan defaults when a participant experiences an involuntary job loss, it now covers voluntary job changes.
Tag: 401(k) plan
However, only 33% are confident about their retirement readiness.
Twenty-one percent of workers expect that working in retirement will provide them with a major source of income, but this is only true for 9% of retirees.
Sponsors expect their advisers to be proactive and to push their plans to the next level.
If combined with the Automatic Retirement Plan Act of 2017, the retirement savings shortfall would be reduced by $932 billion, or 22.6%, according to EBRI.
Many respondents to a Prudential Financial survey are misjudging how well-off they are.
Over half have nothing set aside in any type of employer retirement plan.
Above-average-rated plans are more apt to be found at companies with 20% to 80% higher profitability than are average-rated plans, says T. Rowe Price.
The site takes on myths about the U.S. retirement system and offers tips on saving.
In addition, a mere 18% of workers are very confident they will be able to retire with a comfortable lifestyle.
The legislation would establish a personal retirement account for every American that they could take with them from job to job.
One measure is to encourage MEPs by eliminating the “nexus” requirement.
Twenty-nine percent say they are likely to switch retirement plan providers within the next year.
The “Less Is Not More” study set out to determine whether presenting retirement plan information in a more compact and accessible way increases participation and results in better investment decisions.
The new law extends the time a participant has to repay loans from 60 days after an offset to the date their tax return is due.
Additionally, the number of plans with an initial 6% deferral rate for automatic enrollment now surpass those with 3% as the initial rate.
Ongoing education makes participants aware of the plan and underscores its value.
Ninety-one percent believe their savings will last throughout their lifetime, MassMutual found in a survey.
It consists of six live, web-based training sessions conducted over a three-month period.