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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
2019 DC Best in Class Providers
From PLANSPONSOR’s annual Defined Contribution Survey, DC plan providers are evaluated and rated according to feedback from their own clients.
2019 DC Survey Standouts
Through PLANSPONSOR’s annual DC Survey, 14 providers received the highest marks when plan sponsors answered questions related to provider satisfaction.
Compliance
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.
Investing
Consider the More Conservative Investments Pre-Retirees Should Hold
With potentially lower future returns and low interest rates, plan sponsors should reexamine plan investments to help participants with retirement income.
Administration
Phasing Out Retirement Jargon
Complex retirement planning terminology isn’t just tough for participants to understand. Plan sponsors are having difficulty, too.
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