Retirement

The proposal, which calls for hiking the required pension contribution for federal employees to 4.4% of salary, will now advance to the House Budget Committee.

The retirement industry is at a pivotal moment – after a decade of strong growth fueled increased accessibility of defined contribution plans, the retirement industry now faces significant challenges as well as opportunities, according to McKinsey.

Around 3 in 10 workers believe having investment options that provide guaranteed lifetime income to be the most valuable improvement to their plan, according to EBRI’s annual survey.

This new plan, introduced under SECURE 2.0, have lower employee contribution limits compared to traditional 401(k)s and allow for reduced recordkeeping requirements, which reduce administration costs.

Most Gen Xers have adjusted their retirement goals to support their adult children or aging relatives, according to a new “sandwich generation” survey by Athene.

The resolution, which was backed by TIAA and Nuveen, encourages state governments to support efforts to add the options to defined contribution retirement plans.