More and more workers are taking hardship distributions from their 401(k) accounts, a recent report shows. At the same time, the New York Federal Reserve reported in August that credit card debt among U.S. households exceeded $1 trillion for the first time ever, with an increase of $45 billion in Q2 alone. In this challenging environment, how can plan sponsors support participants who may be struggling with high debt and help them avoid raiding their retirement savings to stay afloat? Learn more.
Did you know nearly half of women ages 25 and older lack access to a tax-advantaged, employer-sponsored retirement plan? Even among those women who are eligible for workplace retirement plans, average account balances lag far behind those of men. What can employers do to help? Learn how addressing the gender gap in retirement savings can lead to many tangible benefits for your organization.
If you're a young professional, did you know a Roth Individual Retirement Account (IRA) can help you build wealth and achieve your long-term financial goals? Find out more about investing in your future with a Roth IRA!
The relationship we forge with our future selves can greatly impact financial decision making in the present. Recent research revealed that subjects with a stronger connection to their future selves were more likely to delay gratification and make more prudent financial choices. But how can retirement plan sponsors help employees make the connection? Check out the "Future Self Tool" created by the Consumer Financial Protection Bureau.
A retirement plan may have one or more fiduciaries who have distinct responsibilities, though many individuals and committees may serve in multiple fiduciary roles. Here is a brief overview of the categories of fiduciaries.
With SECURE Act 2.0, there are a few mandatory changes taking effect in 2024 that retirement plan sponsors will need to comply with. These provisions require sponsors to work with their advisors, recordkeepers, and providers to develop a strategy for incorporating them into their plan design, as well as dealing with the cost implications that come with it. Also, learn about some Technical Corrections to SECURE 2.0 issued to the Treasury Department.
When it comes to monitoring and selecting investments, the responsibility lies with the ERISA fiduciary for managing your company’s 401(k) plan, and this means the fiduciary is subject to ERISA’s prudent man rule (sometimes referred to as the “prudent expert rule”). What exactly is a prudent expert?
Across the nation, more and more workers are expecting to postpone retirement. And delays don’t just affect employees — more than a third of employers are concerned about increased health and benefit costs, negative impacts on their staff’s mental health and barriers to hiring new talent.
If you sponsor a retirement plan, you’re already doing something important to encourage employees to retire comfortably and on time. However, while 68% of American workers have access to a 401(k), only 41% are actively contributing to it. Working with your advisor can help you design the right benefits package for your organization. Learn more.
If current trends continue, the Social Security trust funds will be completely depleted in 2034. This is according to the most recent annual report published by the Trustees of Social Security. This is one year sooner than was projected in last year’s report. Find out more.
