The language of “inertia” and “disengagement” are often used to describe the natural state of retirement plan participants, but new research from Wells Fargo suggests plan sponsors are also prone to settling with the status quo.
Willis Towers Watson believes that sponsors must analyze the retirement adequacy and meaningful benchmarks for individuals or segments of the population.
The Transamerica Center for Retirement Studies makes suggestions in a new report for how employers can take steps to enhance retirement security for workers.
While employers cited rising health care costs followed by outliving retirement savings as their biggest concerns for employees' retirement readiness, TIAA says surprisingly few have built retirement plan offerings that solve for these challenges.
“If a plan sponsor can invest in an adviser or other person to provide direction for terminating or retiring employees, that would be extremely helpful,” Terry Dunne, from Millennium Trust Company, told 2018 PLANSPONSOR National Conference attendees.
Using “predictive analytics” means using data, technology and tools to look at what has happened to anticipate what an individual might do in the future and address potential behavior that may hurt retirement outcomes.
Latino women admitted that they did not know enough about retirement planning and wanted to learn more, a study found.
Willis Towers Watson suggests 10 updated terms associated with DC plans, with the goal of elevating the quality of all retirement planning conversations.