One big change is the search by employers for employees who have dropped off the radar. (Photo: Shutterstock)
As the concern mounts over employee retirement preparedness (or lack thereof), and new regulations seek greater oversight, employers are taking a more active role in just how employees manage their funds, especially their retirement funds, as they navigate the benefits provided at work.
So says Alight Solutions in its 2019 Hot Topics in Retirement and Financial Wellbeing report, which finds that not only are bosses expanding access to financial wellness programs in an effort to get employees on the straight and narrow in saving for retirement, they're also hoping to find new ways to keep departing workers from taking their retirement funds with them.
In addition, they're doing more to seek out former participants now among the missing—especially at important milestones, such as normal retirement age or age 70½, when required minimum distributions must begin.
Financial wellness
Financial wellness is a big deal, and growing bigger, says the report, pointing out that 64 percent of employers say it's gotten more important at their organization over the last two years and none say it's lessened in importance.
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Marlene Satter
Marlene Y. Satter has worked in and written about the financial industry for decades.
