| | Benefits & Administration | | Findings About 401(k) Participation Signal Opportunity for Education | | Recently, Capital One conducted a Spark 401k survey of 1,500 adults who are full-time employees ages 18 and older to gauge why employees are participating in their 401(k) plans and why some are not. Stuart Robertson, president of Capital One Advisors 401k Services, told PLANSPONSOR that access to retirement plans continues to be an issue in the small business market. He said most small businesses think they can’t afford to offer a plan or that they have to provide a matching contribution on employee deferrals. According to Robertson, 86% of employees whose companies offer a plan are satisfied with it, and 79% are confident their contribution levels will support them in retirement. So, why are some employees not participating in their employer’s retirement plan, and what would spur them to do so?Read more > | | Learning Lessons From ‘High Influence’ Plans | | Sitting down with PLANSPONSOR to offer an inside take on the results of the firm’s “Driving Plan Health” report, Mel Hooker, director of relationship management at Wells Fargo Institutional Retirement and Trust, made some important points about “inertia,” and how this theme impacts the retirement plan industry in pervasive and pernicious ways. As Hooker explained, retirement industry practitioners will almost certainly be familiar with the topic of inertia as it pertains to participants. According to Hooker, the conversation around inertia has been immensely helpful for improving the “choice architecture” that surrounds DC plans, but “Where the conversation has not been as advanced is when we are talking about the ways plan sponsors also have their own amount of inertia to grapple with,” Hooker said.Read more > |
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