Although the plan is a separate program from company retirement plans, sponsors often aren't telling their workers about it as a way to improve their benefits.
BayCare Health System of Florida has geared a new retirement savings push toward women after realizing that more than three-quarters of its workforce were female, generic savings seminars were not well attended, and women historically haven't been good savers.
Consultants recommend that workers save 10 to 12 percent of pay annually, but a new study shows that 42 percent of women contribute the lowest amount—1 to 5 percent—of pay to their retirement accounts.
More than half of Transamerica Retirement Survey respondents say they don't think they are building a sufficient nest egg—a percentage consistent for all ages of workers.Read More
Retirement accounts that remain after a worker leaves are an annoyance to plan sponsors and a burden for company administrators.Read More
Before a plan can be terminated, it needs to have all the funds necessary to pay benefits to employees. Once that happens, plan sponsors can start the process of shutting down the plan.Read More
Even with employer matches, automatically enrolled workers' annual savings doesn't hit the recommended minimum 10 percent of pay.Read More
The case is significant because new federal rules that go into effect this summer will require 401(k) plan service providers—such as record keepers and investment managers—to report detailed fee information to plan sponsors.Read More
Plan sponsors need provider fee information so they can give participants data on fees. This regulation comes in two waves: the first requiring plan sponsors to give participants plan and investment information due Aug. 30, and the second delivering quarterly information on fees and services to participants' individual accounts, due Nov. 14.Read More
After seeing parents struggle through the Great Recession, a survey reveals that for many younger workers, financial security later in life is growing more important.Read More