Preparing participants financially to be able to retire beat out reducing plan costs as plan sponsors' top concern in this year's Fidelity Investments Plan Sponsor Attitudes Study.
Tag: Plan Design
The dispositive question is not whether the claimants were employees but whether, considering them as employees, they were eligible to participate in an ERISA plan according to the specific terms of the plan under consideration.
In addition, Vanguard found among its book of business a large increase in the number of small businesses offering retirement plans to employees.
They are on track to replace 75% of their income, compared to 64% for Americans overall.
“We continue to see the significant impact plan design and financial wellness programs have on participant behavior, as evidenced by the increase in both participation and deferral rates and decrease in loan usage,” says Aimee DeCamillo, head of T. Rowe Price Retirement Plan Services.
The district court’s new decision comes after its previous move denying defendants’ motion for summary judgment against plaintiffs’ claims, which cover a variety of fiduciary breach allegations; a new ruling is now forthcoming.
As skilled Baby Boomer employees begin to reach the traditional retirement age, employers need to examine their policies and procedures to address the potential loss of talented and experienced workers.
Data from BMO GAM shows DC retirement plan fees have fallen for all sizes of plan sponsors except those with between $10 million and $50 million in assets.
Speaking at the Plan Sponsor Council of America (PSCA) 71st Annual National Conference, Brodie Wood, SVP of healthcare, education and not-for-profit markets at Transamerica Retirement Solutions, discussed the efficiencies and benefits a closed MEP can offer not-for-profit 403(b) plans.
Strong asset returns and an increase in voluntary contribution activity drove DB plan funded levels significantly higher over the last year; on the other side of the ledger, however, lower discount rates offset some of the gains.
While there is strong optimism concerning the equity markets and long-term growth, there is also a lack of specific planning on the key topics of income planning, Social Security optimization, health care costs and more.
Employer contributions and loans are also prevalent, a Brightscope/ICI report says.
An in-depth review of the results of the latest BlackRock Defined Contribution Pulse Survey show the largest plan sponsors continue to push for the most progressive best practices and plan designs.
Empower’s PlanVisualizer aims to create a holistic view of a client’s retirement plan in its current state, along with the ability to model how changes to key design elements can potentially affect participant preparedness.
Survey data shows a sizable group of retirement plan participants have lowered their contributions in the last year to address debt, unexpected bills, health care costs and other challenges.
All employees would have 6% of their income contributed to a workplace retirement plan and have these contributions automatically escalated each year.
Perhaps since the first five years of their working lives is the time period respondents to an American Century survey have the most regret about saving for retirement, they find automatic retirement plan features important.