Willis Towers Watson’s Thinking Ahead Institute says defined contribution plan designs and communications will leverage technology to deliver a far more customized experience for participants.
Tag: retirement plan design
Advisers can use the tool to help retirement plan sponsors make educated decisions about how to improve their plans.
Seventy-five percent of workers said that if they were offered savings options at the time of a raise, they would be less stressed and more confident about their finances, according to a survey from Commonwealth.
While the UK's requirement to automatically enroll all workers into a retirement plan showed a potential for a big boost in participation if the U.S. were to adopt a similar policy, finding about re-enrollment did not show a big boost.
PLANSPONSOR’s 2018 Defined Contribution Survey found many start-up plans have not yet adopted plan design best practices and many are unsure about fees, but fortunately, nearly two-thirds employ the services of a retirement plan adviser or institutional investment consultant.
IFEBP looks at how emotional, social and cognitive factors can be used to help participants better prepare for retirement and suggests 10 ways sponsors can employ behavioral finance in their retirement plan.
More plan sponsors are making Roth contributions available, automatic enrollment default deferral percentages are increasing, and company match formulas are becoming more generous.
The research found 25% greater participation in plans with 15 or more investment providers compared to plans with only one provider, and account balances are, on average, 73% higher among plans with 15 or more providers compared to single provider arrangements.
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.