| | Benefits & Administration | | Retirement Plan Participation Higher Than Census Bureau Data | | In an analysis of tax data conducted by the Investment Company Institute (ICI), the organization found that in 2014, 63% of workers between the ages of 26 and 64 participated or had a spouse that participated in a retirement plan. This is higher than the findings from the U.S. Census Bureau’s Current Population Survey (CPS), the ICI says. Ever since the Census Bureau instituted a new survey in 2014, it has shown retirement plan participation to drop sharply. Rather, the ICI says, analysis of tax data shows that participation has held steady since 2008. The ICI also discovered that participation increases with age and income.Read more > | | Private Higher Education 403(b) Plan Sponsors to Join MEP | | Fourteen Virginia private colleges are planning to join a newly created multiple employer plan (MEP) with the expectation of reducing their administrative burdens and cutting costs while helping employees prepare for retirement. The schools are members of the Council of Independent Colleges in Virginia (CICV), an umbrella organization representing 28 private, nonprofit institutions. According to VirginiaBusiness.com, Robert Lambeth, CICV’s president, says the MEP will allow many retirement plan responsibilities to be handed off to outside firms that have been vetted by CICV. At the same time, colleges participating in the plan expect it to offer employees a better selection of investment options in addition to more guidance on retirement planning.Read more > |
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