However, this is not always the case for lower-income workers.
Tag: defined contribution plan
Concerned that workers are not saving enough, employers are hoping to improve their financial security, Willis Towers Watson found in a survey.
Only 2.4% discontinued contributions, a mere 2.8% took withdrawals and just 1.3% took hardship withdrawals, ICI data show
Americans are confident DC plans will help them meet their retirement goals, ICI found.
The Bipartisan Policy Center and Ric Edelman announce the launch of “Funding Our Future: A Campaign for America’s Retirement Security.”
The tool analyzes administration fees as well as individual mutual fund fees.
They earn less than older generations, are less likely to participate in a retirement plan, and will have to contend with longer life spans and rising health care costs.
In conversation with Jeff Kletti, head of investments at Wells Fargo Institutional Retirement and Trust, PLANADVISER gets an inside view of some emerging—and some familiar—defined contribution plan trends.
They want help with investments, participant education and fiduciary responsibilities.
However, advice seeking increases with age, account balance and annual contribution level.
Higher-income workers, making $90,000 a year, will pay $277,000, according to America’s Best 401k.
All employees would have 6% of their income contributed to a workplace retirement plan and have these contributions automatically escalated each year.
The American Retirement Association is calling for small business owners’ retirement plan contributions to be taxed at the business rate.
While 66% of larger plans use automatic enrollment, only 51% of smaller plans do.
With the health care industry facing many uncertainties, organizations are looking to attract top talent.
The guidance covers verification procedures, timely loan and hardship withdrawal repayments, and health care coverage.