Tag: defined contribution plan
Participants who were age 60 or older when they retired were more likely to keep assets in the plan if it permitted installment payments, according to Alight Solutions.
They also say that these accounts help them think about the long term and make it easier to save, an ICI survey found.
Willis Towers Watson believes that sponsors must analyze the retirement adequacy and meaningful benchmarks for individuals or segments of the population.
The consulting firm says that few plan sponsors pay close attention to how their employees allocate their retirement savings.
Mercer offers recommendations for retirement plan sponsors to search for missing participants.
It would raise the contribution limits for SIMPLE plans and modernize form filing requirements.
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.
They are on track to replace 75% of their income, compared to 64% for Americans overall.
But more than half of pre-retirees expect to hold down a job, PGIM found in a survey.
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.
The solutions can help retirement plan sponsors and the advisers serving them easily arrive at a baseline cost for the plan
This is especially a concern, as only 20% believe they are saving adequately for retirement.
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.
The platform allows retirement plans to solicit bids from retirement plan providers.