2019 Planning for DC Plan Clients
Willis Towers Watson offers nine actions for DC plan advisers to help their clients mitigate risks in 2019.
Tag: automatic enrollment
Even More Retirement Industry Evolution Expected in 2019
While previous years saw an increased focus on financial wellness educational content—delivered in fliers, websites and mobile applications—providers in 2019 will favor action-based strategies and solutions.
Setting Defaults and Auto-Escalations Too Low May Undermine their Power
In addition, a person invested in a stable value fund versus someone invested in a target-date fund could end up with a balance as much as 59% lower,...
Young Savers Are the Group Most Likely to Meet Retirement Goals
Workers under age 35 are realizing they need to start saving now, according to Ascensus.
Plan Sponsors Turning to Financial Wellness Programs to Improve Retirement Security
Ten percent more employers than in 2016 that offer retirement programs are measuring the financial readiness of employees to retire, a survey found.
Another Survey Finds Saving for Retirement Is Employees’ Top Financial Concern
Monthly expenses are their second concern, The Standard found in a survey.
Americans’ Top Financial Concern is Retirement Savings
However, only 33% are confident about their retirement readiness.
Feature
Narrowing the Scope
Analyzing big data from the recordkeeper to measure plan and participant achievements
403(b)s Adopting Best Practices
Their use of an adviser acting as a plan fiduciary has increased by 40% in the past four years, according to the Plan Sponsor Council of America.
DC Plan Features Appreciated by Participants Who Want Saving and Investing Help
Sixty-one percent of all participants surveyed by J.P. Morgan agreed with the statement, “If I could push an ‘easy’ button for retirement and completely hand over my retirement...
Auto-Portability Would Help Reduce the Retirement Deficit Significantly
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.
Small Minority of Sponsors Very Confident in Workers’ Retirement Security
In addition, a mere 18% of workers are very confident they will be able to retire with a comfortable lifestyle.
Automatic Enrollment Helping Participants Increase Retirement Savings
Fidelity finds that since 2008, the average savings rate among employees automatically enrolled has risen from 4% to 6.7%, and 63% of automatically enrolled participants in the past...
Participants’ Retirement Outlook Has Improved
Fifty-two percent think they will be able to retire at their ideal retirement age, and 52% say they either somewhat or strongly agree that their savings will last...
Preparing Participants for Retirement Is Sponsors’ Top Concern
To help employees achieve their savings goals, 82% of sponsors are making changes to plan design, and 83% are updating their investment menus.
Servicing Strategies
Stretching the Match
An adjustment to the formula can enlarge participants’ savings
Compliance News
Compliance News
Bills Addresses Retirement Plan AccessA package of bills sponsored by Senators Cory Booker, D-New Jersey, Tom Cotton, R-Alaska, Heidi Heitkamp,...
Retirement Plan Leakage Thwarts Automatic Enrollment
A TIAA study finds the feature's benefit are continuously offset by pre-retirement withdrawals and plan loans.
BlackRock Calls for Expanding Access to Retirement Plans
One measure is to encourage MEPs by eliminating the “nexus” requirement.