| | Benefits & Administration | | Women Need Retirement Planning Nudge | | LIMRA research consistently shows that the top
financial concern for both women and men is saving enough money for retirement
(83% of women compared to 77% of men). But, taking action to prepare for
retirement seems especially hard for women. Only 20% of women surveyed
indicated they are comfortable with their level of financial knowledge. In
addition, LIMRA finds that women are less likely than men to have done basic retirement
planning activities.Read more > | | Assets held in employer-sponsored retirement
plans increased 11.5% to reach $11.3 trillion at the close of 2014, according
to Spectrem’s 2015 Market Insights Report. Individual retirement accounts
(IRAs) maintain an additional $5.4 trillion of savings, Spectrem says.
According to the report, total retirement assets across public plans, private
plans and IRAs stand around $21.5 trillion.Read more > | | Employee Financial Stress Levels Creep Higher | | Student loan debt, mortgages and health care
costs are the biggest financial stressors for workers, according to the State
Street Global Advisors (SSgA) retirement survey, which finds no age group is
immune to financial stress. In addition, many employees expressed an unsettled
feeling of not having done enough to prepare for retirement. It’s common
knowledge that financial concerns are usually top of mind for individuals and
families, says Fredrik Axsater, global head of defined contribution at SSgA,
but the survey’s findings demonstrate the level of concern individuals have
about finances. “Financial and workplace stressors have the greatest impact on
work quality and productivity, which confirms what we are hearing from
employers—we need to address workplace financial demands beyond retirement
savings,” Axsater maintains.Read more > | | | Products, Deals & People | | ERISApedia.com has begun publishing the Fiduciary
Responsibility eSource, a publication that provides guidance for 401(k) and
403(b) plan advisers and sponsors. Burrmont Compliance Labs LLC announced the
rollout of the book, written by Employee Retirement Income Security Act (ERISA)
and former Internal Revenue Service (IRS) and Labor Department attorney,
Charles Humphrey. The ERISApedia.com platform, which provides compliance
information and retirement industry materials to sponsors, administrators,
attorneys and advisers, allows Humphrey to update content as developments
arise.Read more > |
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