Defined Contribution

When it comes to 401(k) knowledge, there are varying levels of understanding across the generations: Just 60% of Gen Z knows what a 401(k) is, whereas 72% of millennials, 82% of Gen X, and 95% of boomers do, says a new study.

The new legislation is a win-win for workers and small businesses, offering access to expanded retirement plan benefits for employees and helping to level the playing field for small businesses competing to retain top talent.

After more than three years on pause, federal student loan payments are scheduled to resume in October, which is why employers should be prepared to provide resources to help employees grapple with the financial stress.

Retirement savings is often a casualty for those who have inadequate emergency savings but providing employees with savings tools and resources will shine a spotlight on the need to save for both short-term and long-term goals.

Employees want assistance with everyday financial concerns like budgeting, as well as financial literacy, employee discount programs and pretax dependent care reimbursement accounts.

To celebrate 401(k) Day on Sept. 8, here's how employers can take steps to raise awareness for the importance of financial literacy and how employers can help their employees build retirement security.