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week ending August 7th, 2020
COVID-19 and its impacts have raised questions over what retirement income will look like in the future. An American Century Investments survey reported 40% of participants are concerned about running out of money in retirement, while other reports found that despite maxing out on their 401(k), some participants are remaining optimistic. Additionally, many employees are still unsure of what Social Security will offer during retirement, especially younger workers. Experts argue a U.S. sovereign wealth fund could benefit retirement income, and others say the U.S. can learn from countries who push retirement savings preservation.
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Investing
Volatility Brings Focus on Sustainable Retirement Income
Participants are looking to their employers to offer a retirement income solution, while interest in ESG investing among retirement plan participants continues to increase.
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Data and Research
Participants Maxing Out Their 401(k) Remain Confident
But those who fall short on saving are experiencing financial stress.
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Data and Research
Employees Not Sure What Social Security Will Offer
While many say they will depend on Social Security for retirement income, at least one study finds retirees are not getting as much as they expected.
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Benefits
Social Security Burdens Fall on Younger Workers
As unemployment rises and employees retire sooner, experts say Social Security will be exhausted faster than predicted.
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Data and Research
Different Views About Retirement Plans Shaped COVID-19 Responses Globally
The U.S. can learn from other countries about instilling the mindset of preserving retirement savings and creating different pools of assets to be dipped into in case of emergency.
Popular Reads
Compliance
DOL Releases Its First Cybersecurity Guidance
The guidance includes best practices and tips for protecting retirement benefits. 
2020 Recordkeeping Survey
2021 Plan Sponsor of the Year
PLANSPONSOR is pleased to announce the 2021 Plan Sponsor of the Year finalists.
Administration
Questions Sponsors Need to Ask When Hiring a 3(38) Fiduciary
DC plan sponsors should examine a potential investment manager’s approach to governance as well as investing, and they should review past performance results.
Administration
Simplifying the Retirement Planning Message
Employees need to be taught how to manage finances and save for the future before being advised on how to create an income stream in retirement.
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