Since the beginning of 2016, 17 firms within the Retirement Plan Monitor coverage set have introduced new retirement readiness resources to participant sites—and 12 of those firms have done so in this year alone.
The majority of respondents to a Schwab survey said they would be interested in financial wellness help from their employers; however, non-savers especially indicate they are uncomfortable asking for help.
FSR says, “access to investment services for investors with modest-sized and small account balances has been, and will continue to be, substantially diminished as a result of the best interest contract (BIC) exemption’s onerous compliance burdens and litigation risks.”
“Participant engagement growth has also been driven in part by employers making education more accessible with onsite meetings, webcasts and personal consultations,” Bank of America Merrill Lynch says.
The DOL is still seeking information from DC industry providers and stakeholders regarding potential new and amended administrative class exemptions from the prohibited transaction provisions of ERISA.