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
IRS Announces 2020 Contribution and Benefit Limits

The contribution limit for employees who participate in 401(k), 403(b) and most 457 plans is increased from $19,000 to $19,500.

Social Security Administration Announced COLA for 2020

Employees not only need basic education, but they need to know how to include Social Security in their retirement income strategy.

Updating TDFs to Provide Better Retirement Income

Three ideas for a qualified default investment alternative (QDIA) design that will better serve participants ready to retire.

IRS Announces Contribution and Benefit Limits for 2019

The contribution limit for employees who participate in 401(k), 403(b), most 457 plans, and the federal government’s Thrift Savings Plan is increased from $18,500 to $19,000.

Plan Participants Have Their Own Responsibilities for Cybersecurity
There are common and advanced approaches retirement plan participants can take to derail data breaches and retirement account fraud.

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

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