Retirement

While 83% of employers offer online tools on how to meet retirement readiness goals and 69% offer financial wellness services, only 27% set retirement readiness objectives for participants, according to PGIM DC Solutions.

While litigation is not widespread, it's important for plan sponsors to look at operations and shore up practices since there was action on 43 defined contribution cases during the first quarter of 2023, according to Mercer.

Benefits groups support the proposal, which would require retirement plans to use money forfeited by participants when they leave an employer before the end of a vesting schedule, starting in 2024..

Slightly upping default auto-escalation rates - from 1% to 2% - and escalation intervals in defined contribution plans could improve savings without discouraging participation, according to Voya research.

The firm cited a "technical issue" in a letter of acceptance to the Financial Industry Regulatory Authority for overstating projections on customer statements for nearly a year and failing to quickly address customer reports.

While 38% of Gen X and 29% of baby boomer investors expect a prolonged period of severe downturn, 56% of Gen Z and 50% of millennials say they still expect to retire on time, according to the Nationwide Retirement Institute.