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week ending October 18th, 2019
Planning for retirement is not easy, but retirement plan sponsors can help participants do so. Retirement is defined differently for different people. Offering the right plan design and planning tools can help participants calculate and meet their retirement needs, no matter what kind of retirement they envision. Many participants plan to work past age 65, so offering the ability to phase into retirement would be helpful. After focusing on accumulating savings, participants need to start planning for how to draw down that savings in retirement. Fortunately, plan sponsors are more focused on helping participants with this. And, participants shouldn’t just consider what income they will get from their employer-sponsored retirement plans, as Social Security will provide much of the replacement income for the majority of them. Enjoy this edition of PLANSPONSOR Weekend!
Editor's Choice
Participants
Different Retirements for Different People
Not all “retirees” want to stay home and kick their feet up—some are continuing work or starting new ventures. Does this mean employers must change their retirement planning strategies?
Data and Research
Addressing the Desire to Work Past Age 65
While 75% of employers consider their companies to be “aging friendly,” only 54% of workers think their companies have adopted such policies.
Administration
Teaching Employees Skills and Practices for Retirement Confidence
Unfortunately, there are no do-overs in life, but there are ways to help employees feel confidence about their financial futures going forward.
Administration
Plan Sponsors Recognizing Need for Decumulation Choices
A new survey from Alight Solutions indicates more employers are expanding distribution options in their DC retirement plans to help employees with draw down strategies in retirement.
Administration
Social Security Education a Must-Have for Retirement Plan Participants
General education is helpful, but getting personal will help employees establish a plan for income in retirement.
Popular Reads
Administration
Furloughs Vs. Layoffs: Which May Trigger a Partial Plan Termination?
‘Companies tend to use the terms interchangeably, which is why it can be confusing,’ says Lorie Maring, a partner at Fisher Phillips.
Ask the Experts
Coronavirus-Related Distributions From 403(b) and Governmental 457(b) Plans
Experts from Groom Law Group and Cammack Retirement Group answer questions concerning retirement plan administration and regulations.
Benefits
Employers Can Offer More Student Loan Repayment Help to Employees
The CARES Act allows employers to contribute toward employees’ student loan debt tax-free to employees, and employees need guidance on what they can and should do about deferring payments.
Administration
Administrative Considerations for CARES Act Transactions
Plan sponsors need to understand the details and ask themselves certain questions to make sure they are complying with the new law.
Compliance
DB Plan Relief Included in the CARES Act
The bill provides a delay for minimum annual required contributions and relief for plans that may have benefit restrictions triggered due to a drop in funding levels.
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