| | Benefits & Administration | | Women Need Help Improving Retirement Confidence | | Fifty-three percent of women plan to retire after the age of 65, including 13% who do not plan to ever retire, according to the Transamerica Center for Retirement Studies. Of those who plan to work past retirement age, 58% say they want the income, 48% say they are concerned that Social Security will provide them with less income than they expected, and 47% say it will be because they cannot afford to retire because they will not have saved enough. The center offers steps employers can take to help women.Read more > | | Pension Funds See Fees Creep Up as DC Plans Cut Costs | | Data collected by CEM Benchmarking from close to 2,000 defined benefit (DB) pension funds and over 1,600 defined contribution (DC) plans over the last 10 years suggests DB plans outperformed DC plans after fees by only 0.46%. As researchers note, this is “a massive improvement” from the previous comparison reviewing the 1998 to 2005 time period, where the net return difference was 1.8%. Since the last study, average DB fund costs have increased from 0.40% to 0.60%, whereas DC plan costs have remained constant at 0.39%.Read more > | | | From the Magazine | | Total Benefits: Boosting Employee Savings | | “If you want to reduce compensation and benefits spending without leaving your work force financially vulnerable, you may need to take a closer look at the degree of choice and value provided in your benefits package,” according to Heather Garber, vice president of voluntary benefits and technology at Hub International Insurance Services Inc. in Chicago. “Keep in mind that your average American today probably isn’t buying insurance outside of the workplace—aside from auto/home—[and we] employees really look to our employers to provide everything we’ll need to protect our families.” This is where voluntary benefits come into play, Garber says.Read more > |
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