| Benefits & Administration | OregonSaves Shows Initial Success | At the time of an analysis from the Center for Retirement Research (CRR) at Boston College, 62% of eligible workers were participating in the OregonSaves program, and 93% of contributing participants had not changed their default deferral rate of 5%. According to an Issue Brief from the Center for Retirement Research (CRR) at Boston College, Oregon’s implementation has also highlighted challenges related to being the first such program in the country, such as helping employers unfamiliar with OregonSaves to provide timely and accurate data, processing payroll deductions, and staying on top of changes to employees and payroll deductions.Read more > | Financially Well Employees Buoy the Bottom Line | John Hancock’s annual Financial Stress Survey finds a sizable majority of workers (69%) are stressed over their finances, leading to a range of behaviors that can cost companies approximately $2,000 in excess labor costs per employee. Patrick Murphy, president and CEO, John Hancock Retirement Plan Services, says the research clearly shows how people need help managing competing financial obligations. When asked what financial issues they would like help with, three-quarters cited retirement income preparation aid, followed by Social Security and Medicare claiming (60%), and debt counseling (32%).Read more > | Demand for Financial Advice Is on the Rise | Sixty-four percent of workers turn to their 401(k) plan provider as their first source for financial advice, including advice on topics besides retirement, according to a survey by T. Rowe Price. Additionally, the demand for financial advice has increased.Read more > |
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