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
Heroes Act Now In the Hands of a Skeptical Senate

The Heroes Act, passed by a narrow majority in the House, includes union pension partition relief and a waiver for the reinvestment of 2019 and 2020 RMDs.

Final Electronic Disclosure Rule Published by DOL

The leadership at the regulator says this measure will reduce printing, mailing and related plan costs by an estimated $3.2 billion over the next decade.

Share Class Issues Cited in ManTech ERISA Lawsuit

The new complaint closely resembles others that have been filed by the Capozzi Adler P.C. law firm.

Employers Are Beefing Up Financial Wellness Programs

The coronavirus pandemic has exposed workers’ need for financial coaching and for employers to offer resources.

Advancing DC Plan Design
Many features are working to help DC plan participants grow their savings, so it’s time to look at investments for the next element of design evolution.

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

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