TIAA Says New Mobile Enrollment Experience Is a Sign of the Times
Consumers spent a collective 1.6 trillion hours on mobile devices during the first half of 2020, with a 220% increase in time spent on business apps.
Tag: Enrollment participation
Prepare to Meet the Needs of the Workforce of the Future
The way in which companies structure their remotely distributed workforces will depend on the financial consequences of the pandemic, the impact on corporate culture and other factors, such as the prevalence of gig work.
Retirement Plans Start to Think About How to Produce Retirement Income
Vanguard says that meeting these income needs, along with encouraging strong savings rates and diversification, are the primary drivers in creating successful retirement outcomes.
Surprising Findings in Savings Analysis Suggest Salary Matters Less Than Assumed
A new analysis published by EBRI in collaboration with J.P. Morgan suggests a person’s spending habits, rather than their salary, seem to have the biggest influence on whether they are a low saver or an average saver.
The Financial Services Industry Can Help Tackle Economic Inequality
Each U.S. household in the bottom half of the wealth distribution has only $20,000 of net worth, on average, a figure that represents less than 0.1% of those at the very top. Helping more people to own homes and to invest even modestly in the stock market are seen as critical steps to closing that gap.
The Retirement Crisis Is a Coverage Crisis
For those workers who are offered a retirement savings plan at work, the U.S. retirement system functions pretty well; solutions are needed, however, to extend coverage to millions more Americans.
Millennial Misconceptions: Younger Workers Prioritize Retirement
Millennials may make different life choices than previous generations, but they are also more engaged at an earlier age with retirement savings in the workplace.
Plan Success Beyond the Usual Statistics
High-level averages are often used to talk about the retirement readiness of a given defined contribution plan population, but the numbers can be misleading when it comes to assessing real outcomes for individual employees.
DC Plan Jargon Stymies Participant Success
The term “glide path” resonated with only 4% of participants surveyed by Invesco, despite being the most common term used by advisers, providers and plan sponsors when talking about target-date funds; survey data shows numerous other areas where industry jargon holds back participant understanding.
Will 2019 Bring Solution to Small Business Coverage Gap?
Even as large employers embrace cutting edge features in their retirement plans, LIMRA data shows small businesses continue to struggle when it comes to offering even basic retirement benefits.
Finance’s Reputation Problem Impacts Auto Retirement Plan Success
Industry pros know there are big differences between financial services providers in termsof business models and their willingness to embrace fiduciary best practices—but many non-investors see a monolithic industry sharing a set of common reputation problems.
Nationwide Emphasizes Dual Role of Saving and Debt Reduction
By talking about the power of compounding and emphasizing the importance of investing at the same time one is paying down debt, advisers can inspire younger clients to save more and save earlier.
Harmonizing Retirement Benefits and Corporate Strategy
Great retirement plans can be found in all industries and geographies, says Mel Hooker at Wells Fargo; what unites them is a sense of purpose and an ability for the employer to see the strategic importance of quality benefits.
Amid DOL Scrutiny, Provider Crafts Solution for Missing Participants
Employees are changing jobs more frequently than ever before, says Mark Koeppen at FPS Trust; when they go missing, this can lead to wasted time and money spent on administration of their orphaned savings.
Retirement Planning for Business Owner Clients
Many small business owners have only planned for the future insofar as deciding that they will ultimately sell their firms and use the proceeds to finance their retirement; they need expert help from advisers, and so do their employees.
A Global Retirement Q&A with Ed Farrington at Natixis
Natixis’ head of retirement reflects on the newly published 2018 Global Retirement Index report, which shows the U.S. continues to slip relative to other developed nations in terms of the strength of its system.
Financial Stress Hampers Employees’ Vision of Retirement
In a new Bank of America Merrill Lynch survey, 95% of employers who offer such benefits agree that their financial wellness programs have been effective at promoting work force management goals.
Addressing Plan Leakage with Sidecar Accounts
Bipartisan legislation has been introduced in the Senate to address retirement plan leakage; among the opportunities being discussed by industry stakeholders is the use of “sidecar” emergency savings accounts.
District Court Denies Independent Contractors’ Eligibility Arguments, ERISA Suit
“ERISA’s limitations on who employers can exclude from ERISA plans are very narrow,” the decision states. “The law prohibits an employer from denying participation in an ERISA plan on the basis of age or length of service. Other than that, any bases for exclusion from a plan are permissible.”
Small Plans Must Embrace Auto Features, for Employees’ Sake
Employees of small businesses with retirement plans that include automatic enrollment have far higher participation rates across all demographic variables, according to new data shared by Vanguard.