One measure is to encourage MEPs by eliminating the “nexus” requirement.
They are on track to replace 75% of their income, compared to 64% for Americans overall.
Participants who work with a traditional or online adviser are on track to replace 116% of their income. Those working with any paid adviser, 91%, and those with no adviser, 51%.
Concerned that workers are not saving enough, employers are hoping to improve their financial security, Willis Towers Watson found in a survey.
More plans are auto enrolling at a greater than 3% default deferral rate, and 13% of plans are increasing deferrals at more than 1% annually, a PSCA survey found.
All employees would have 6% of their income contributed to a workplace retirement plan and have these contributions automatically escalated each year.