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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
Deals and People
Vanguard Transfers Recordkeeping Operations to Infosys
Through a strategic partnership, Infosys and Vanguard will provide a cloud-based recordkeeping platform, with planned enhancements for plan sponsors and participants.
Administration
Get Beneficiary Designation and Missing Participant Practices in Order
The pandemic has highlighted the need for plan sponsors to actively encourage revised beneficiary designations and have missing participant procedures in place.
Administration
Risk for Cyberattacks Heightened as Remote Work Continues
Remote work is expected to lead to more attacks on retirement plan accounts, but there are an increasing number of measures to handle the threat.
Products
Alight to Offer Auto-Portability Solution to DC Plan Clients
Retirement Clearinghouse says it hopes other recordkeepers will adopt its product to help reduce the depletion of retirement savings from premature cash-outs.
Opinions
COVID-19 Compliance Corner: IRS Eases 401(k) Safe Harbor Suspension Rules
Each week, Carol Buckmann, with Cohen & Buckmann P.C., will explain legislative provisions or official guidance related to the COVID-19 pandemic that affect retirement and health plan sponsors.
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