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Prepping Preretirees
Sponsored by: MFS Investment Management Companies offer retirement plans for a variety of reasons, and that reason informs how the plan is designed and what resources are provided to employees to help them participate and save. For the last few years, we have been hearing about helping participants not just accumulate assets but helping them... Read More >>
Student Loans and Retirement Plans: Debt that Compounds
Loans to pay for an education: an investment in the future, but also a drag on it. Research and recent insights suggest that while loans help fund steps intended to improve one’s position, in some ways they can threaten future security by affecting retirement saving. It’s a debt whose effects compound. Looming Large Student loan payments—put on... Read More >>
Americans Saving More in 401(k)s and HSAs
In another of the “what a difference a year makes” cliche, a newly released study finds that, not only did 401(k) balances bounce back from 2022, but other indicators were also trending in the right direction. Bank of America Retirement and Personal Wealth Solutions’ fourth quarter 2023 Participant Pulse reveals that average 401(k) account... Read More >>
4 Emerging Wellness Trends that Translate into New Opportunities
While workplace retirement plans are becoming an expectation for employees, the results of a new survey show there are multiple areas where savers are seeking additional support. In fact, according to Vestwell’s annual Savings Industry Report, four emerging trends for 2024 all point to a growing need for more comprehensive financial wellness... Read More >>
Are we Rothing the Employer Contribution Yet?
Sponsored by: MFS Investment Management Fifteen percent of plan sponsors have added the optional provision of SECURE 2.0 to allow participants to elect Roth treatment of employer contributions and a quarter of plans are actively considering this provision. Nearly forty percent have not and will not be implementing this provision and the rest are... Read More >>
Enhancing Employee Retention
Nonqualified deferred compensation (NQDC) plans are often offered by employers alongside the qualified plan to recruit and retain top talent. These plans have a lot of flexibility in design that allows employers to customize them to the unique needs of their employees which allows them to create a benefits package that is competitive to its... Read More >>
Complexity, Cost Concerns Have Sponsors on the Fence with In-Plan Income Solutions
While the SECURE Act was supposed to help pave the way for adoption of retirement income solutions in defined contribution (DC) plans, new research finds that plan sponsors still have some concerns. And this comes as concerns about the impact of inflation on retirement savings are raising fears among plan participants that they will run out of... Read More >>
Federal Auto-IRA Bill for Uncovered Workers Introduced in the House
On Feb. 7, House Ways and Means Committee Ranking Member Richard Neal (D-Mass.) introduced a bill to establish a federal auto-IRA for employers with more than 10 employees who do not currently sponsor a retirement plan. The Automatic IRA Act of 2024 would require employees to be automatically enrolled in either an IRA or some other “automatic... Read More >>
Longevity > Savings: NOW What?
Greater longevity than in the past is a good thing, as is concurrent big picture improvement in finances. But periodic economic challenges do take place, which can spell trouble—especially for retirees who did not save enough. A substantial majority of retirees in a study by Clever Real Estate—68%—responded that the recent economic conditions... Read More >>
Emergency Savings Provisions
Sponsored by: MFS Investment Management The SECURE 2.0 Act included two provisions geared towards helping employees handle financial emergencies. One provision is a penalty-free distribution of $1,000 per year from the 401(k) account and the other is the PLESA (Pension Linked Emergency Savings Account). We first asked sponsors about their... Read More >>