According to the Workplace Report on Retirement Planning by CIGNA Retirement & Investment Services, the new rules are getting little attention in the workplace, with less than a third of employers having taken action to promote awareness of pension reform.
The survey also found that, of the human resources executives interviewed:
- over 85% believe their employees are concerned about how the downturn has affected investment in their workplace retirement plan,
- two-thirds say their employees are worried they will not have enough money – and other financial resources when they retire,
- almost a third say their employees are unaware that EGTRRA allows them to increase contributions to their retirement plan, and
- some 86% say that EGTRRA has not changed the number of questions they receive from employees
Results of the survey also show that:
- two-fifths get the majority of their pension reform information from retirement plan providers,
- 17% get their information from the media
- 16% cite employee benefits consultants as their best source of information.
The phone survey comprised the input of 504 retirement