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| Benefits & Administration |
| Americans Saving Nearly 8% for Retirement |
| In a survey of 1,000 adults, PenFed Credit Union learned that Americans, on average, are saving 7.6% of their salaries for retirement. This increases to 8.9% for men and decreases to 6.4% for women. The survey also found that people who are automatically enrolled in their retirement savings plan are saving an average of 10.2%, compared to 4.8% for those without automatic enrollment.Read more > |
| Different Nudging Required for Auto Enrollment Plans Than Opt-In Plans |
| A study from the TIAA Institute concludes that focusing on financial literacy and understanding of exponential growth is likely to be fruitful for getting defined contribution (DC) plan participants in an opt-in plan, while efforts targeted at procrastination tendencies are likely to be particularly important in automatic enrollment plans.Read more > |
| DB Plans a Thing of the Past for Most Fortune 500 Companies |
| In a new report, “Retirement Offerings in the Fortune 500: A Retrospective,” Willis Towers Watson reveals that among these companies, only 16% offered a defined benefit (DB) plan to new hires in 2017, down from 59% in 1998. Nonetheless, 51% of Fortune 500 companies still employ workers who are actively accruing pension benefits, and 93% of those that sponsored a pension in 1998 still manage plan obligations and assets.Read more > |
| More Than Half of Americans Would Like to Save More |
| Among those who said they would like to save more, 56% said retirement was a top reason; however, LIMRA found that debt is a major obstacle preventing many people from saving as much as they would like.Read more > |
