Retirement

Expanding retirement plan coverage so that all workers can save for retirement is key to improving retirement security, particularly small companies that can take advantage of SECURE 2.0's new provisions, says a new study.

Employers should provide in-person group education meetings, as well as access to financial consultants and advisors to help employees make informed personal financial decisions, recommends a new survey.

The House Financial Services Committee approved a bill that would permit CITs in all 403(b) plans to grant access to these lower-cost funds for nonprofit employees and public workers.

Employers are becoming more open to benefits that directly address financial issues like high-cost debt, variable cash flow, and lack of emergency savings, according to a FinFit report.

Driven by lower fees, plan sponsors often choose collective investment trusts (CITs) as the preferred vehicle for target date funds over mutual funds, according to Morningstar.

Virtual meetings made up 80% of the sessions that Schwab offered in 2022 and, post session, more than 90% of participants agreed they felt prepared to take the next step in their financial journey,