September 7th Is 401k Day; Help Your Employees Become "Retirement Ready"
Increasing longevity, overwhelming debt, and rising health care costs can challenge the ability of the American worker to prepare for retirement. Further, employers that offer 401k plans have an obligation to provide employees with education and the tools to help them prepare for retirement.
Workers need help developing the skills necessary to make informed decisions and to take action to improve their overall financial well-being. "Retirement planning now and into the future requires people to effectively manage and reduce their personal debt and provide for family needs like insurance, education funding, and health care planning," said Arnone, Employee Financial Services Leader, Ernst & Young's Human Capital practice.
To help employees become "retirement ready," employers should consider the following initiatives:
The Profit Sharing/401k Council of America (PSCA) is a nonprofit association advocating increased retirement security through profit sharing, 401k and related defined contribution programs. For more information on PSCA, visit http://www.psca.org/.
Rick Meigs, President, 401khelpcenter.com