After adoption of automatic enrollment increased consistently over 15 years, plan participation reached a record high in 2022.
The new functionality is intended to reduce retirement savings leakage and expand access to savings options.
The tight labor market has pushed employers to offer attractive retirement savings plans, according to experts at Vanguard and Fiducient Advisors
The latest retirement plan participant tracking from Vanguard and Bank of America show retirement savers’ resilience last year.
The landmark retirement legislation passed the House by a margin of 414 to 5, setting the stage for debate and passage by the Senate.
The bill would prompt employees who initially opt out of a retirement savings plan to reconsider every three years.
The SECURE Act became law at the very end of 2019, ushering in major changes for the retirement planning industry, and experts are again asking whether the close of 2021 could bring similar progress.
Industry professionals who work with lawmakers in Washington say they remain hopeful that retirement security issues will be addressed in the federal government’s budget for fiscal year 2022.
Budget reconciliation legislation set for debate in Congress gives top billing to universal paid family and medical leave, but key retirement policies also stand out, including a broad mandate for employers to offer retirement plans.
More than eight in 10 say they want to be automatically enrolled into a plan at an early age, according to Principal, but only a third of employers are offering the feature.
As evidenced by Wednesday morning’s House Education and Labor Committee hearing, retirement security is a topic where strong bipartisan consensus is possible, even in an intensely divided Congress.
The markup hearing, punctuated by a unanimous vote to advance the legislation, demonstrated that retirement security issues are capable of bringing together members of Congress who don’t agree on much else.
The practice believes that since so many advisory firms are acquired by aggregators, the personal attention it offers clients will come to be viewed as a precious commodity.
In the past few years, her practice has grown its assets by nearly $1 billion a year.
Jason Chepenik says advisers need to continue to have the courage to try new ideas.
Despite the lack of in-person communication in 2020, the practice has gained a fair amount of new business by disseminating promotional videos.
What is particularly encouraging is that 37% of plans on T. Rowe Price’s platform automatically enroll their participants at a 6% or higher deferral rate.
“They are hiring advisers to understand how well their plan is functioning and how to improve it,” Jordan Burgess, with Fidelity Institutional Asset Management, tells PLANADVISER.