People are living longer, which means they may need their retirement savings to last decades. As a result, nearly half (48%) of participants are concerned about outliving their retirement savings.[1] Many Americans don’t know how to transform their savings into retirement income.
Once again the Supreme Court has made it clear that a prudent fiduciary process is required of all ERISA-governed retirement plans. The landmark case, Hughes v. Northwestern, addressed complicated issues surrounding how the fiduciary process is a requirement for retirement plans. The big takeaway for those that manage a retirement plan is that there are no shortcuts, and the fiduciary process is non-negotiable.
As many employees look ahead to retirement, 70% of workers feel somewhat confident that they’ll have enough money saved to retire on time and then live comfortably.[1] However, forward-thinking employers have the ability to help their employees work toward a confident and happy retirement. According to the 2021 Retirement Confidence Survey from the Employee Benefit Research Institute (EBRI), 33% of American workers feel very confident in their ability to live comfortably in retirement. That means that over 64% of Americans (or 2/3 of your workforce) feel prepared for their retirement future.[2] To help boost confidence, here are 4 forward-thinking tips proactive employers can do to help improve your employees’ retirement outlook:
You may have heard about a “cash balance plan” and wondered whether it would be something advantageous for your business. A cash balance plan operates differently from other types of traditional retirement plans in that it combines features of both defined benefit and defined contribution plans.
A DOL Audit is no walk in the park, but you can take preventative steps to prepare by conducting due diligence and documenting your plan actions.
