A news release from the International Foundation of Employee Benefit Plans said its survey was designed to find out about the types and formats of financial education as well as their availability and eligibility requirements. According to the announcement, 77% of respondents offer retirement planning, while 60% offer investment education, 39% financial planning, and 28% investment advice.
The most common type of initiative offered is a group meeting with a plan provider, such as a 401(k) vendor, indicated by 67% of respondents. The announcement said 55% offer Internet access to informational sites, 30% offer Web-based/online tools, and 21% offer computer software. Of those who offer a computer-based program, 84% offer a retirement income calculator.
Of those respondents providing financial planning, 61% offer formal retirement planning programs/workshops specifically geared to help employees prepare for retirement.
Of those who offer a formal retirement planning program:
- Nearly three out of four, 72%, offer related events during normal working hours.
- About half, 52%, utilize a combination of in-house staff and outside providers for their formal retirement planning programs/workshops. Thirty-three percent use outside providers only and 15% percent rely on in-house staff only.
A copy of survey results can be ordered at www.ifebp.org/books.asp?6467 .
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