While 401(k) plan sponsors are hesitant about adding in-plan retirement income solutions, 403(b) plans have been using them all along. According to the 2016 PLANSPONSOR Defined Contribution (DC) survey, 27.2% of 403(b) plans offer in-plan income products that guarantee monthly income, compared to 7.3% of DC plans overall.
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As the first wave of Generation X workers begins to catch a glimpse of retirement age, the demographic group continues to face struggles in financial planning.
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Retirement savings models often simplify a defined contribution plan participant’s situation, and plan sponsors need to help participants understand that the picture is more complex.
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Corporate Insight surveyed close to 1,500 participants and found the top-15 features most commonly identified by participants as “very important” or “extremely important” for online or mobile retirement plan sites saw a considerable amount of change since the 2013 survey. In total, six of the top-15 features in 2013 no longer appear within the top 15 in the 2016 study. Most notably, five of the new site features that appear within the top 15 are related to account information.
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Plan sponsors are more concerned with operating their plans and avoiding potential liabilities, while plan advisers are more focused on participant outcomes, a survey suggests.
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Advisers and providers will help defend against fee challenges, but it is important to point out that the providers’ obligation is actually to make disclosures, not warrant that compensation is reasonable.
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