2012 (PLANSPONSOR.com) – According to the 2011 Wells Fargo Retirement Plan
Sponsor Survey, 50% of companies have not measured their employees’ retirement
percent of plan sponsors said they are “analyzing plan participation, balances
and deferral rates.” Only 11% are
measuring each employee’s retirement income and comparing it with expected
needs. The majority (51%) do not provide employees with estimates of annual
retirement income they can expect based on plan balances.
over half the companies surveyed (63%) said their primary goal for plan
management in 2012 is either overall retirement needs and to educate employees
about how much to save, or to increase employee savings.
Plan Sponsor Challenges and
of the greatest concerns among plan sponsors is the impact of market volatility
on account balances and pension plan funding (29%). Other challenges include: participants’
appreciation for and use of the plan (19%); providing employees with the
financial ability to retire (18%); managing fiduciary risks (12%); compliance
with changing regulatory requirements (10%); the program’s effectiveness to
recruit, retain and facilitate retirement (6%); understanding and managing plan
expenses (2%); and management and oversight of service providers (2%).