Retirement Trends

With federal student loan payments set to resume starting next week, more than one in five borrowers expect to reduce savings overall (29%), for emergencies (29%) and retirement (22%), according to a new poll.

With student loan payments resuming Oct. 1, many employers are stepping up to provide guidance and counselor tools or offer one-on-one financial coaching sessions – or even student loan matching for 401(k) plans.

There is a renewed focus on nonqualified retirement plans, which are not subject to ERISA rules and can include deferred-compensation plans, executive bonus plans and split-dollar life insurance plans, says a WTW report.

Retirement savings for Gen X is highly concentrated among top earners, however, the SECURE 2.0 provision for part-timers, which takes effect in 2024, could represent "meaningful change" for these workers, says a new report.

Since 63% of employees would be unable to cover a $500 emergency, employer-sponsored emergency savings accounts are now the number one benefit that employers need to offer, recommends a new study.

Employee Fiduciary, a small business retirement plan advisory, called on the DOL to make fees more transparent for plan participants, in response to a feedback request on its new SECURE 2.0 Reporting and Disclosure requirements.