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April 24th, 2018 |
Current DC Plan Participants Considering Income Products for RetirementOne in four employees with a defined contribution (DC) plan intend to leave at least some money in their plans, but two in 10 say they will use plan assets to purchase a product that provides guaranteed lifetime income, far more than the 7% of retirees who did this, according to the Employee Benefit Research Institute’s (EBRI) 28th annual Retirement Confidence Survey (RCS). Eight in 10 DC plan participants are very or somewhat interested in an in-plan investment option that would guarantee monthly income for life in retirement, and the same number express interest in taking money out of their plan at retirement and moving it to a financial product that would guarantee them monthly income for life.Read more > |
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ASK THE EXPERTS
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| “We currently sponsor an Employee Retirement Income Security Act (ERISA) 403(b) plan where all contributions are 100% vested. However we are contemplating amending the plan to install a 5-year graded schedule for employer contributions. How would the new vesting schedule affect existing plan participants?”Read more > |
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DC Plan Provider Web Portal Designs Growing More ResponsiveMobile-friendly, responsive web portal design has increased in the retirement industry to match consumers’ rising desires to be able to complete routine tasks without being tethered to a computer.Read more > | Health Care Expenses Shaking Retirees’ ConfidenceRetirees’ confidence in their ability to live comfortably in retirement remains higher than employees’ confidence, with 32% of retirees very confident and 44% somewhat confident, according the Employee Benefit Research Institute’s (EBRI) 28th annual Retirement Confidence Survey (RCS). However, retirees are less likely than last year to feel confident in their ability to handle basic expenses and feel less confident in their ability to handle medical expenses. More than four in 10 retirees report that their health care expenses in retirement are higher than they expected and one-quarter say long-term care costs have been higher.Read more > |
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