Employers need to act now to get younger employees interested in saving for retirement via defined-contribution plans, according to a new study by Northern Trust.

"The Path Forward: Engaging the Younger Employee in DC Plan Participation" noted that workers under age 35 are likely to be more dependent on defined contribution plans for their retirement savings than previous generations, as more employers move away from defined benefit plans and the long-term viability of the Social Security program is called into question.

The report's authors argue that although Baby Boomers get most of the attention when it comes to stories about retirement, now is the time for employers to direct their time and resources to helping out the 61.5 million workers who are under age 35.

Complete your profile to continue reading and get FREE access to BenefitsPRO, part of your ALM digital membership.

  • Critical BenefitsPRO information including cutting edge post-reform success strategies, access to educational webcasts and videos, resources from industry leaders, and informative Newsletters.
  • Exclusive discounts on ALM, BenefitsPRO magazine and BenefitsPRO.com events
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.