Defined Contribution

A higher employer 401(k) matching rate corresponded with a greater likelihood for employees to cash out of retirement plans when switching jobs, according to a new survey.

Against the backdrop of a second financial blow to those already struggling to recover from the impact COVID-19 had on their finances, stress levels are on the rise - and employers can offer support in a number of ways, says a survey.

Although fees fell for all employer-sponsored retirement plans, small plans (with 50 participants and $5 million in assets) still pay higher fees, according to a book that analyzes 401(k) fees.

Addressing employee debt through financial wellness education – whether by 1:1 counseling, by email or through a digital app – can lead to higher employee satisfaction and lower turnover.

The National Association of Government Defined Contribution Administrators sent a letter to the IRS and the Treasury, urging clarification on age-60 catch-up contributions and plan participation for part-time workers.

Millennials expect they'll need $1.3 million for a comfortable retirement but only 29% will reach that, while older workers say they'll need $1.1 million, though only 21% expect to reach it.