With EvoShare, employees can spend as usual at over 10,000 participating businesses and receive up to 20% cash back toward a 401(k) or 403(b) plan, student loan, and/or 529 plan.
Tag: 401(k) plan
Retirement plan participants tend to select funds placed in the first positions on a list, so rather than ordering the investment menu alphabetically, researchers suggest placing lower-cost or lower volatility funds near the top to help participants.
Experts discuss how plan sponsors can get participants out of retirement savings "ruts" and get them to engage more with their retirement plans.
Employee student loan repayments will qualify for 401(k) employer match contributions.
The retirement plan provider is offering this program in partnership with Social(k) and LeafHouse Financial.
The case is notable for arguing that an investment that had only a 4 basis point annual fee could have been replaced by one charging only 2 basis points.
In addition, a majority of those polled by the Investment Company Institute (ICI) oppose changing key features of DC plans.
Among those that do offer financial literacy programs, 51% say workers increase their contributions to supplemental savings plans, 43% say workers become more engaged with compensation issues, and 41% say they see cost savings for the jurisdiction that at least partially offset the expense of offering the program.
The case against the $500 million 401(k) plan was also settled for a “small” amount—$500,000.
And 401(k) providers are the top source for financial advice.
A 401(k) match and health insurance are the benefits they value the most.
At an event marking the milestone for the 401(k), attendees were very optimistic about the future opportunities for the plan and surrounding industry.
Workers younger than 35 are realizing they need to start saving now, according to Ascensus; however, only 30% are on track to meet their retirement savings goals.
Twenty-two percent do not know how their assets are invested, Legg Mason found in a survey.
The average 401(k) balance reached an all-time high of $106,500 in the third quarter, and the average 403(b) balance is nearly double what it was a decade ago, according to Fidelity Investments.
They can also prompt participants to make other important improvements to their savings strategies, Voya Financial learned.
The product expansion will keep the loan current for an additional three months to allow time for engagement, education and counseling to help the participant take advantage of a post-termination loan repayment program and avoid default.
Only 33% of Americans are comfortable with their retirement readiness level.
But the reality is, only 33% of retirees have worked at any given time, according to EBRI.