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Save More - Not Novel but Most Effective in your 401(k)
Today’s Wall Street Journal front page article, “New Wave of Workers Tries Novel Approach: Save More,” is an excellent example of how people can take advantage of their 401(k) to maximize their long-term savings. The article quotes numerous studies that show younger people are starting to save more. According to Vanguard, in 2011 44 percent of... Read More >>
Small Organization Stress and PSCA's Surveys
Small organization response to PSCA's 403(b) and 401(k) surveys has fallen significantly this year. In organizations of less than 200 participants it was down a third in the 403(b) survey and a quarter in the 401(k) survey. At the same time participation was stable in the 403(b) survey and up in the 401(k) survey for organizations with more than... Read More >>
Another Fee Article: Another Distortion
The July 12 issue of Fortune includes an article “Is your 401(k) ripping you off?” As has been the case with 401(k) fee reporting over the years in this article 401(k) plan fees are presented as if the fees at small companies are representative of 401(k) fees generally instead of reporting that for most 401(k) participants low fees are one of the... Read More >>
Fee Hit Piece - Why Transparency is Important
Apparently, those attempting to impose a mandatory, government-run retirement plan on America’s workers are working to discredit the 401(k) system, which they fear as an alternative approach. An example is a group called Demos, which has produced a totally bogus study purporting to find that fees paid by typical 401(k) participants average 3... Read More >>
Stable Value: Still a Firm Foundation for 401(k)
One of the benefits of 401(k) investing is the availability of an investment option not available to retail or IRA investors - stable value. Currently, participants choosing to make stable value their fixed investment choice are being rewarded. The Stable Value Investment Association’s (SVIA) Quarterly Characteristics Survey reported that for the... Read More >>
Getting Young Workers to Save: Selling Confidence in the Future
As the American workforce transitions into a new era of retirement with the Baby Boomers rapidly entering the golden age, how to entice the workers of a younger and much different working generation into planning and saving for retirement continues to be a focus. Our younger generation is bombarded with conflicting information. One popularly... Read More >>
Maximize Your Benefit: Brand Your Defined Contribution Plan
Company’s sponsor defined contribution plans to attract, retain, and motivate quality workers. What brand names do your employees associate with your 401(k) or profit sharing plan? Is it the service provider’s brand, your company’s name, or both? Branding your plan with your company’s name is an important part of conveying the benefits of your... Read More >>
The Saver's Credit - Millions Lost by Low-Income Participants
Other than me, only one other person in a room with more than 100 conference attendees raised their hand when asked how many of us were communicating the availability of the Saver’s Credit to our 401(k) participants. Where’s recognition of the Saver’s Credit, the tax credit for low- and moderate-income 401(k) savers? I am dismayed that a program... Read More >>
Wellness Is About Both Finances and Health
How do we convince our younger workers that they have been given a great gift, but only if they do some work? Better than a new car or even winning the lotto, they have given the gift of life. In 1940 those who reached age 65 lived to receive Social Security benefits for three years. For today retirees that statistic is 15 years and growing.... Read More >>
The Retirement Savings Temperature It's More Than the Current Plan
Much attention is paid to how well DC plan participants are doing. Most reports are based on the participant’s balance in their current plan. This measure is too narrow. Most people have less than 10 years of service with their present employer. According to PSCA’s 54th Annual Survey, the average retiring participant has worked approximately 16... Read More >>