X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.
older female employee on video meeting surrounded by coworkers' photos (Photo: Shutterstock)

Employers may need to revisit their defined contribution plans if they hope to assist employees in avoiding financial hardship in retirement. That’s because the retirement savings balances of pre-retirees were “below optimal levels” even before the onset of the COVID-19 pandemic, according to “America’s Workers Need a Next Generation DC Plan More Than Ever,” a new white paper released by Prudential earlier this week.

“A sudden market drop can take your expected income low enough that you can no longer meet your financial obligations, at a point in your life where you can’t just ‘work harder’ or get a second job,” Harry Dalessio, head of institutional retirement plan services at Prudential Retirement.

 

BenefitsPRO

Join BenefitsPRO

Don’t miss crucial news and insights you need to navigate the shifting employee benefits industry. Join BenefitsPRO.com now!

  • Unlimited access to BenefitsPRO.com - your roadmap to thriving in a disrupted environment
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com
  • Exclusive discounts on BenefitsPRO.com and ALM events.

Already have an account? Sign In Now
Join BenefitsPRO

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.