The Saving for the Future Act would require employers to contribute 50 cents to a savings account for each worker for every hour worked, or more than $1,000 a year.
Starting people off with a deferral rate of 3% is actually a disservice, experts agree.
The program will go into effect for Travelers' U.S. employees in January 2020.
Forty-four percent say that focusing on health and wellness is a primary concern, according to a survey by TD Ameritrade.
Two members of the U.S. House of Representatives, one a Democrat and the other a Republican, have introduced H.R. 1439, known as the Increasing Access to a Secure Retirement Act.
It is expanding its retirement plan advice and consulting platform to HSAs and other non-ERISA employer-sponsored plans.
Cerulli also sees opportunities for advisers in the 403(b), defined benefit (DB), and financial wellness markets.
Employees can determine how they want to allocate employer 401(k) matching dollars.
However, they are worried about health care costs.
For those 75 and older, out-of-pocket medical costs amount to 20% of their income.
For the 10th consecutive year, their top financial resolution for the New Year is to save more, Fidelity learned in a survey.
While automatic enrollment gets participants into plans, a sizable segment are starting their average contributions at a minimum 3.3% rate and failing to take any additional action to increase that, according to J.P. Morgan Asset Management.
In such plans, they have more than twice the average retirement balance of other workers.
Willis Towers Watson offers nine actions for DC plan advisers to help their clients mitigate risks in 2019.
A 401(k) match and health insurance are the benefits they value the most
Executives overseeing the survey report agreed that the U.S. is just beginning to see the real impact of decades of public policy decisions and private employer efforts to fundamentally reshape the retirement landscape.
A lot is happening to open the doors for small businesses to offer retirement plans to employees; advisers have new opportunities and challenges as a result.
One option is through a profit sharing plan that invests the money in an annuity once a participant retires.