Retirement Remains Americans’ Top Financial Worry
Is this a surprise? As per a recent Gallup survey, a majority of Americans, 59%, are worried about not having enough money for retirement, surpassing eight other financial matters. A majority of Americans have reported being “very” or “moderately” worried about retirement savings every year since 2001, illustrating that saving for retirement disquiets Americans in both […]
Best Practices in 401(k) and 403(b) plan design
A leading-edge 401(k) or 403(b) plan should consider the following plan design features: Immediate eligibility to make employee deferral contributions with a one-year wait period to receive employer matching contributions; Automatic enrollment at an employee deferral contribution rate of between 3% and 6% and automatic employee deferral escalation of 1% each year up to a maximum 10% […]
Employers Ramping Up Retirement Plan Features, Advisory Services
Employers are enhancing their retirement plans and increasing access to professional investment advice in an attempt to bolster employee retirement readiness. A new study by Aon Hewitt, which polled more than 400 plan sponsors serving 10 million plan participants, revealed a number of initiatives being taken to strengthen employee ability to achieve greater financial security […]
What are the Fiduciary Rules?
Every plan must have a fiduciary(s) responsible for the operation of the plan. A fiduciary can be identified as a person or as an office, such as a company’s board of directors. Many plans have several fiduciaries, each being responsible for a different aspect of the plan’s management. Fiduciaries can be held liable if they […]
Americans Continue to Face Saving Challenges, Survey Finds
According to a survey released last month by America Saves and the American Savings Education Council (ASEC), just 35% of Americans feel they are making good or excellent progress in saving money. Nearly two-thirds (63%) say they’re making fair or no progress. However, nearly 7 out of 10 (68%) say they are spending less than […]
