First and foremost, employers should help employees evaluate whether they can even afford to retire, otherwise they need to start maximizing their 401(k) plan contributions ASAP.
The younger generations demonstrate that they are getting their savings on track, while Gen X and baby boomers more often report falling behind on savings and struggling to catch up before retirement, says a new report.
The top areas of interest for employer help are "knowing how much to save to meet my goals" (77%), "how to make the most of 401(k)" (76%) and "knowing how much insurance to have" (76%), according to a new report.
Plan participants have incurred substantially lower fees for holding mutual funds over the past two decades, according to new research from the Investment Company Institute.
Thirty percent of employees have tapped into their 401(k)s to cover an emergency expense, which is why employers and emergency savings funds can help address financial needs, says a new Inspira survey.
Many common plan design formulas, including safe harbor designs, disproportionately benefit higher-income employees, which is why thoughtful plan design can improve outcomes, according to a new survey.
The Department of Labor is seeking nominations for five, three-year vacancies on the ERISA Advisory Council, which meets four times a year to make recommendations to the Secretary regarding functions carried out under ERISA.
Workers are feeling more optimistic about their retirement prospects and more confident they can achieve their retirement goals, according to a new Charles Schwab study.
Many employees (67%) believe their employer has a responsibility to help with financial planning because "if that's where my nest egg is, that's where my financial planning should come from," according to a recent EBRI webinar.
The Institutional Retirement Income Council has released a new paper that recommends plan sponsors provide retirement income projections to plan participants, calling it an important element of retirement preparedness.