PLANSPONSOR Weekend Newsdash
Week ending July 26th, 2019

Being a habitual saver and having a written plan for retirement are two key steps plan participants can take to prepare for a secure retirement, but research shows few have a written plan. What is included in that written plan is important. Recent research found that fewer than half of workers (48% global and U.S.) are currently factoring future health care expenses into their retirement savings needs, and in the U.S., only 41% of workers have a backup plan to provide an income in the event they are unable to work before they reach their planned retirement age. Planning to work past normal retirement age is part of the plan for an increasing number of employees, but these plans can be thwarted by health problems, job elimination and even age bias, so a backup plan is important. For a majority of employees, lack of education about how to spend down assets in retirement is confusing their plans, and they need education about the part Social Security will play in retirement income. In this edition of PLANSPONSOR Weekend, articles explore ways plan sponsors and retirement plan advisers can help participants plan for retirement.

Editor's choice
Administration
Individuals, Employers and Government All Play a Part in Retirement Readiness
A new research report and Catherine Collinson, with Transamerica Center for Retirement Studies, lay out steps all three can take to improve retirement confidence and readiness in America. Read more >
Administration
Planning for a 40-Year Retirement Is Possible
A survey from AIG Life & Retirement found many people want to live to 100, but are concerned about their assets lasting that long; Robert Scheinerman, with AIG Retirement Services, offers suggestions for helping them prepare. Read more >
Compliance
Employees’ Plans to Work Longer Could Be Thwarted by Age Bias
Two more age bias cases were filed recently by the Equal Employment Opportunity Commission, and an agency report says age discrimination can thwart employees’ plans to work longer and could affect retirement plan drawdown strategies. Read more >
Participants
A Lack of Retirement Income Guidance Harms Participants
Defined contribution plan participants are unlikely to feel confidence about retiring when they receive no retirement income projections and no help defining discretionary versus required expenses. Read more >
Data and Research
Employees Need Education About Social Security’s Part in Retirement Income
Seventy percent of employees surveyed by the Nationwide Retirement Institute think they are eligible for full Social Security benefits before they actually are. Read more >
Data and Research
Offering Advisers to Participants Can Improve Financial Outlook
People who work with an adviser are more likely to say they have clarity on balancing spending and saving for later and have a financial plan built to endure market ups and downs than people who do not work with an adviser, a study shows. Read more >
MOST POPULAR STORIES
Employer Health Benefit Costs to Rise 6.5% in 2020

A focus on managing chronic conditions, and education to improve health care utilization can help employers manage cost increases.

Avoid Pitfalls to Properly Replacing DC Plan Investments

An analysis found monitoring DC plan investment menus and making necessary changes results in better performance, and researchers have followed up with four pitfalls to avoid when making investment changes.

Sidecar Savings Accounts Create Current and Future Financial Security
As corporate America considers its practical and moral obligations to employees, a logical place for it to focus is on helping each one become more financially secure—both now and post-employment.
(b)lines Ask the Experts – Can a 401(a) Plan Account be Rolled Into a 403(b) Plan?
Experts from Groom Law Group and Cammack Retirement Group answer questions concerning 403(b) plans and regulations.
Plan Sponsors Should Address Financial Squeeze Put on Gen X

Struggling with debt and budgeting, Gen Xers are in their prime earning years, they are getting close to retirement and they are taking care of both their children and their parents.

Editorial: Alison Cooke Mintzer alison.mintzer@strategic-i.com

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