Benefits

Experts share best practices for sponsors to help encourage wise benefit elections by participants this fall.

Speakers discussed decision frameworks that plan sponsors can use to decide which, if any, retirement income solutions to implement.

Evaluating benefits through a recruitment lens means plan sponsors should identify industry peers and also regional competitors.

The benchmark question is no longer ‘Do we have auto-enrollment?’ but ‘Are our defaults strong enough to produce successful outcomes?’ 

Experts discussed variations among categories of lifetime income and how to overcome barriers to participant adoption.

One panelist suggested plan sponsors can take a ‘do no harm’ approach to offering the benefit of lifetime income.

Experts say the announced cost-of-living increase for 2027 offers employers a chance to encourage participants’ retirement planning and to boost savings rates.

A record 52% of assets were invested as of June 30, according to a Devenir report.

An average increase of $75 a month will be included in monthly Social Security checks for more than 72 million recipients.

One of the largest market losses of the year was offset by a 47-bps increase in benchmark corporate bond rates.

The Institutional Retirement Income Council’s Kevin Crain says using a common vocabulary would reduce participant confusion over income products.

MetLife revealed that 80% of sponsors plan to completely divest their liabilities within the next five years.

Voya had recordkept the plan since its inception.

Since its inception in 2021, Special Financial Assistance Program grants have added 9% to the aggregate funding level of U.S. multiemployer plans, per Milliman.

Plan sponsors are seeking flexibility, rather than planning for hibernation or termination, as they consider how to get the most from a fully funded plan.

Debates are ongoing about the most efficient and effective ways companies can use the money they would otherwise contribute to their plan.

Borrowers now have until year-end to enroll in automatic payments and secure a 1-percentage-point discount.

With employers seeking ways to tackle premium hikes, individual coverage health reimbursement accounts could be part of the solution.

A small drop in interest rates was more than offset by market returns last month.

Experts stress the importance of setting financial controls with providers during the request-for-proposal process, especially regarding pharmacy benefits.