Tag: Plan Design
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.
Among plans with both automatic enrollment and escalation, 70% have participants saving 10% of more.
Among other adjustments viewed as vital to the expansion of open multiple employer plans, the bill would remove the “one bad apple” rule and the commonality requirement.
The first step, AB says, is to replace TDFs from recordkeepers with open architecture, next-gen TDFs.
Automatic enrollment, higher initial deferral rates and financial counseling are just a few that more employers are adopting.
TIAA suggests other options for helping retirement plan participants with retirement readiness.
Immediate eligibility and no entry age requirement would help Generation Z benefit from the time value of money.
Fidelity reports that a record number of plan sponsors are actively looking to switch their plan advisers.
In order to attract and retain top talent, employers are integrating benefits programs to address key issues.
Large employers also tend to include more features in their retirement plans, a Transamerica study of employers finds.