Reports of overall retirement plan participation can misrepresent the retirement preparedness of American workers, according to ICI, because data shows more employees participate as they earn more and get older.
Tag: retirement plan participation
LIMRA data shows nearly four in 10 workers say they began to save for retirement because their employer offered a retirement savings plan.
Results of a new Pew survey show about four in 10 non-investing individuals who express distrust in their primary financial institution said they would opt out of an automatic retirement plan enrollment.
Sharing findings of a recent Capital One survey, Stuart Robertson says there is opportunity to educate employees about the tax-deferred status of retirement plan contributions and retirement plan investment fees.
New Wells Fargo plan health research shows “high influence” plans do not all look the same, nor are they just the most generous plans in terms of the matching formula.
Many contributing employees only save enough of their pay in defined contribution retirement plans to receive all available matching contributions—giving the employer significant influence over savings behaviors.
A study finds employees with access to employer-sponsored plans are most likely to indicate retirement readiness, and the IALC suggests plan sponsors increase education.
A package of bills sponsored by four U.S. Senators would also increase access to workplace retirement savings accounts and help workers who already have retirement accounts save more.
Ever since the Census Bureau instituted a new survey in 2014, it has shown retirement plan participation to drop sharply, but the ICI says analysis of tax data shows that participation has held steady since 2008.
"Our survey results reinforce the importance of setting goals and monitoring plans to balance … emotions,” says Rich Ramassini, CFP, director of strategy for PNC Investments.
Professor Shlomo Benartzi, business school professor at the University of California, Los Angeles (UCLA), Anderson School of Management, says technology can be used immediately to improve retirement plan participation and savings rates.