One-third of U.S. workers have little or no understanding of their
employer-sponsored defined-contribution plan, according to a new survey by The
Hartford Financial Services Group.
Nearly three-quarters of workers say they have “less than a complete
understanding” of their employer’s retirement savings plan, the survey found,
with most employees indicating that they have a better grasp of other benefits,
such as health care coverage and life insurance.
“These results tell us that while the retirement industry has really had a
focus on education for the past 10 years, we need to do a better job of
targeting groups of participants and customizing programs,” said Jamie Ohl,
senior vice president of Hartford’s Retirement Plans Group, in an interview.
The survey of 1,019 adults, conducted in April, found plan participants turn
most to their employers for retirement savings advice (22 percent). Participants
also seek advice from financial advisors (15 percent), spouses (13 percent),
immediate family (12 percent), the Internet (9 percent) and retirement plan
providers (7 percent), according to the survey.
Filed by Jeff Nash of Pensions & Investments
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