Insights: Trends, Research, Analysis, and White Papers

Tips for Recordkeepers to Stay Competitive in a Changing Market

A new industry report today by Accenture highlights two routes for DC recordkeepers navigating a future competitive and consolidated environment. The report argues that recordkeepers will need to scale up on operational efficiency or specialize in serving unique market segments, as firms face a rapidly evolving $10.3 trillion DC market coupled with smaller margins, failing administration fees, and outdated digital platforms.

Source: 401kspecialistmag.com, September 2024

Despite Economic Challenges, Nearly Two-Thirds of Employees Feel on Track for Retirement

Amid today's economic challenges, American workers are showing remarkable confidence in their long-term financial and retirement plans, according to the fourth annual Protected Retirement survey from the Nationwide Retirement Institute®. More than six in ten (65%) of workers say they are on the right track when it comes to financial preparedness for retirement; this figure rises to 71% for 22-34-year-olds, a 15-point increase from 2023.

Source: Nationwide.com, September 2024

Still Work to Do on Retirement Plan Digital Experiences, Study Suggests

As more retirement plan participants come to rely on digital channels for their primary means of interaction, digital experiences will be critical in supporting them in reaching their retirement savings goals. However, according to J.D. Power's 2024 "U.S. Retirement Plan Digital Experience Study," most retirement plan digital experiences still have a lot of room for improvement. Just 21% of retirement websites and mobile apps are living up to customer expectations for a valuable digital experience, significantly lagging those of other industries and putting assets under management at risk, the study warns.

Source: Napa-net.org, September 2024

What are the Most Significant ERISA Developments Affecting Retirement Plans?

What are some of the most significant developments affecting retirement plans, and what role has ERISA played in allowing for the continued evolution and innovation of providing benefits? Barbara Marder, President and CEO of the Employee Benefit Research Institute asked this question of panelists during a presentation of the ERISA 50th Research Project at a symposium in Washington, D.C. Here are their responses.

Source: Napa-net.org, September 2024

U.S. Needs "Hybrid" Retirement Plan System: Report

The report by TIAA Institute says the best way to create a sustainable and secure retirement that addresses the challenges of longer lifespans and divergent working patterns is to develop a "hybrid" system consisting of the best elements from DB and DC plans, including diversified sources of income and a form of guaranteed income.

Source: 401kspecialistmag.com, September 2024

Student Loan Match: Repay Student Loans and Save For Retirement

On August 19, 2024, the IRS issued Notice 2024-63 for retirement plan sponsors that provide or may wish to provide, matching contributions based on qualified student loan payments made by their participating employees. The Notice goes far in addressing many administrative issues summarized below to get plan sponsors and recordkeepers started, but more guidance is coming with pending proposed regulations. This is an overview and review of the notice.

Source: Groom.com, September 2024

Passive Products Widen Lead on Active in DC Managed Assets

Passively managed investment products in defined contribution retirement plans have steadily increased their market share at the expense of actively managed products, according to recent research by ISS Market Intelligence. The trend toward passive in-plan investments is similar to the steady market share the strategy has made in overall investment management. The growth is particularly of note in DC plans, which usually lag the broader market.

Source: Planadviser.com, August 2024

Investors Like Annuities in 401ks, for Other People

The financial services industry has been working for years to get annuities into retirement plans and the good news is that people appear to like that idea. The bad news is that they like annuities for the sake of other people, they don't personally want them. That is according to the results of a focus group report by consumer research firm Hearts & Wallets that included comments from 70 people ages 45 to 74 with at least $500,000 in assets to invest.

Source: Investmentnews.com, August 2024

401k Plan Participants Continue to Benefit From Employer Contributions and Falling Fees: Report

The undeniable strength of the 401k system is seen in this report. Analyzing automatic enrollment, employer contributions, and participant loans, the report reveals the care with which employers set up their 401k plans, and how employer contributions and cost-effective investing bolster the success of the system in helping Americans save for retirement.

Source: Ici.org, August 2024

Survey Finds U.S. Employees' Average Retirement Savings Decreases in 2024

The average amount that U.S. adults have saved for retirement dropped slightly from US$89,300 in 2023 to $88,400 in 2024 and more than $10,000 from its five-year peak of $98,800 in 2021, according to a new survey by Northwestern Mutual Life Insurance Co. The survey, which polled more than 4,500 U.S. adults aged 18 or older, found a third (33%) said they don't feel financially secure, up from 27% in 2023.

Source: Benefitscanada.com, August 2024

Is the Retirement Picture for Millennials Looking Better?

Since 2019, the nation has experienced a global pandemic and economic disruption. At the same time, the government provided unprecedented fiscal support, employment remained strong, home values rose substantially, and the stock ended up significantly higher than in 2019. Using the Federal Reserve's 2022 Survey of Consumer Finances, the question addressed in this article is how all these factors affect the retirement preparedness of Millennials.

Source: Bc.edu, August 2024

Media's Role in Creating Retirement, Investing Stress

Misleading depictions of retirement on television can prevent Americans from focusing on and even achieving long-term financial goals. A Capital Group national accounts manager makes the case that simply turning off the TV may help boost financial wellness.

Source: Planadviser.com, August 2024

Why Are Employees Not Participating in Their 401ks?

To better understand the reasons behind low participation, the Principal surveyed people eligible for their workplace retirement plans but currently not contributing. Here are three roadblocks preventing retirement plan participation and ways to boost retirement plan participation among employees.

Source: Principal.com, August 2024

Plan Sponsor Satisfaction Driven by Advisor Services Beyond the 401k: Report

Plan sponsors are happier with the results when partnering with a retirement plan advisor. It's an obvious point, but a new Fidelity survey puts numbers to the feeling. The Boston-based investment behemoth's annual "Plan Sponsor Attitudes Study," now in its 15th year, found that "evolving advisor expertise is meeting sponsors' expanding needs and, in turn, driving positive plan results and record satisfaction amongst plan sponsors."

Source: Napa-net.org, August 2024

Why Do Employers Establish Retirement Savings Plans? Evidence From State "Auto-IRA" Plans

Several states have recently attempted to boost retirement savings by enacting "auto-IRA" plans that require employers not currently offering an employer-sponsored retirement plan (ESRP) to either (1) establish an ESRP or (2) enroll employees in state-facilitated Individual Retirement Accounts. This 63-page paper identifies the effect of these state retirement plan mandates on a firm's decisions to offer ESRPs, treating the gradual rollout of these policies across states and employer size categories as a series of "experiments."

Source: Nber.org, August 2024

The Average 401k Balance by Age

Here are the average and median balances for specific age groups at the end of 2023, according to Vanguard, which gathered data from about 5 million defined contribution plan participants across its recordkeeping business.

Source: Bankrate.com, August 2024

Americans Expect Inheritance to Fund Portion of Retirement

According to Northwestern Mutual's latest 2024 Planning & Progress Study, 50% say an inheritance would be integral to their long-term financial security and retirement planning, with 17% adding that it would be "highly critical." This was especially true for younger generations, as 54% of Gen Zers and 59% of Millennials touched on the significance an inheritance would have on their retirement.

Source: 401kspecialistmag.com, August 2024

Participant Pulse: Tracking the Financial Wellness of Plan Participants

The Participant Pulse is a quarterly report that tracks the confidence of plan participants. The report monitors plan participants' behavior in Bank of America's 401k recordkeeping and HSA clients' employee benefits programs, which comprise more than 4 million total participants. A two-page report.

Source: Bofa.com, August 2024

Americans' Retirement Savings Show Real Progress

Some articles highlight that the median 401k account balance is around $20,000, suggesting that the typical retiree will run out of money. But that figure is misleading. First, it captures the full range of account owners -- including, for instance, someone in their 20s with an entry-level job and a modest account balance -- instead of focusing on older participants with a longer savings history. In reality, 401k savers approaching retirement age are in a far better position.

Source: Ici.org, August 2024

A Mandate to Offer: The Future Path Forward for Expanding Access to Retirement Savings?

What is the best public policy for getting workers to save for retirement? Why is it important that they save? What works best: legal requirements that workers contribute to DB pensions or DC savings plans, or simple freedom of choice in a retirement system based on "everyone for themselves"? A third way -- the "mandate to offer" -- might define the future of retirement finance.

Source: Georgetown.edu, August 2024

2024 Fast Facts on 401k Plans

The American Benefits Council advocates for sponsors of employee benefit plans. In this role, they have assembled this collection of data to demonstrate the strength and vitality of 401k plans and the employer-sponsored retirement system.

Source: Americanbenefitscouncil.org, August 2024

401k Participation Significantly Lowers Risk of Retirement Shortfalls: Morningstar

A new Morningstar Model of U.S. Retirement Outcomes -- a simulation tool that considers individual characteristics, healthcare costs, and projected longevity to assess retirement income sufficiency -- finds that workers without future defined-contribution plan participation are over twice as likely to run short of money in retirement.

Source: 401kspecialistmag.com, August 2024

DC Lens 3rd Quater 2024: DC Market Insights and DC News Update

This 57-page report offers market insights and news updates written exclusively for defined contribution practitioners. Topics include ESG updates, Litigation summaries, Administrative/Legislative updates, Enhancing retirement readiness, Cyber attacks require a sound defense, and High profile cyber breaches have put a renewed focus.

Source: Schroders.com, July 2024

Workers Expect 401k to be Main Source of Retirement Income

401ks continue to dominate U.S. workers' retirement income plans, but adviser assistance may improve their confidence in managing the drawdown, according to new surveys from Charles Schwab and J.P. Morgan Asset Management. Employees anticipate that their 401k will become their main source of retirement income in the future, with Social Security benefits becoming less reliable, according to the "2024 401k Participant Study" recently released by Schwab.

Source: Planadviser.com, July 2024

More 401k Investors "Very Likely" to Reach Retirement Goals, Says Schwab

American workers investing in a 401k are more confident in reaching their retirement goals than they were last year, according to new research. The Charles Schwab survey conducted by Logica by users of plans from around 25 providers reveals that 43% are very likely to achieve their goals, up from 37% in 2023. The boost in sentiment comes as inflation and stock market volatility are less of a concern for respondents.

Source: Investmentnews.com, July 2024

Small Business "Bullishness" Helping to Drive 401k Growth

ADP Inc., Guideline Inc., and Human Interest were among the top recordkeepers in adding defined contribution retirement plans in 2023, with all three pointing toward continued growth in 2024, according to the 2024 PLANSPONSOR Recordkeeper Survey and executive interviews. Recordkeepers overall showed a strong year of DC plan additions in 2023, as compared with the prior year. Tailwinds including employer talent attraction and retention needs, SECURE 2.0 Act of 2022 tax incentives, and state mandates are all driving new plan growth, according to firm executives, with signs they may outdo themselves again by the end of 2024.

Source: Planadviser.com, July 2024

401k Mutual Fund Fees Have Fallen Dramatically Since 2000

401k plan participants have incurred substantially lower fees for holding mutual funds over the past two decades, according to new research released today from the Investment Company Institute. Their research shows that from 2000 to 2023, the average equity mutual fund expense ratio paid by 401k investors dropped by more than half (60%), offering them higher returns and higher balances in retirement. The average bond mutual fund expense ratio has dropped by 63%.

Source: 401kspecialistmag.com, July 2024

401k Investors Benefit as Mutual Fund Fees Cut in Half

The latest research from the Investment Company Institute shows that 401k plan participants have incurred substantially lower fees for holding mutual funds over the past two decades, offering them higher returns and higher balances in retirement. From 2000 to 2023, the average equity mutual fund expense ratio paid by 401k investors dropped by more than half.

Source: Ici.org, July 2024

Lies and Statistics -- What the 401k Data Actually Says: Podcast

Former high-ranking Social Security Administration official and retirement policy gadfly Andrew Biggs joins American Retirement Association CEO Brian Graff for a frank discussion about the data fueling the 401k debate. Biggs, a frequent financial media critic of "retirement crisis" sensationalism, explains the retirement readiness disconnect and why we get it so wrong.

Source: Asppa.org, July 2024

Making 401k Saving Hard to Avoid: Podcast

No matter how easy plan sponsors try to make it for employees to participate in their company-sponsored 401k plan, too many workers still aren't enrolling. Podcast guests on today have some ideas on dealing with this problem, centered on how instead of making it easy to participate, making it even harder to avoid enrolling in the plan in the first place.

Source: 401kspecialistmag.com, July 2024

Design Options: Building Strong Retirement Plans

Retirement plan design is increasingly focused on getting employees enrolled sooner, keeping them in longer, and providing more options for creating income people can rely on in retirement. The design elements plan sponsors are considering include immediate plan enrollment, lowering the eligibility age to contribute, larger arrays of product sets to accommodate decumulation, and providing participants with nonguaranteed and guaranteed investments and options to support, converting their accumulated retirement savings into a paycheck in retirement.

Source: Plansponsor.com, July 2024

Technology Integration "Linchpin" for In-Plan Retirement Income

Getting in-plan retirement income options to take hold will in large part rely on the technology making it possible, according to a recent recordkeeping survey by the Defined Contribution Institutional Investment Association's Retirement Research Center. Middleware providers that offer annuity incorporation and portability across retirement plan recordkeeping platforms will play a key role in uptake, says the DCIIA research group.

Source: Planadviser.com, July 2024

2024 Living in Retirement Report

Findings on the financial challenges and concerns of retired Americans from the Schroders 2024 US Retirement Survey. Study finds inflation taking a toll on retirees. The worst bout of inflation in decades is weighing heavily on the minds of retirees.

Source: Schroders.com, July 2024

2024 US Retirement Readiness Report

Schroders recently surveyed 2,000 US investors nationwide to learn more about the state of retirement readiness and planning, key concerns regarding retirement, and current sentiment among those who are already living in retirement.

Source: Schroders.com, July 2024

Are There "Hidden Costs" in Pension-to-401k Shift?

A recent analysis by the National Conference on Public Employee Retirement Systems links pension reforms to income inequality, claiming that middle-class participants could be paying more as the retirement industry shifts from DB-style plans to DC strategies.

Source: 401kspecialistmag.com, July 2024

Fidelity Reveals Top Five Optional Provisions Plan Sponsors Are Most Likely to Adopt

The increase in catch-up contribution cap for participants aged 60 to 63 and the expanded in-service distribution choices made possible by the SECURE 2.0 Act were among the top-ranked optional provisions that advisers might see plan sponsors wanting to adopt, according to respondents from a June survey by Fidelity Investments titled "SECURE 2.0 Optional Provisions Survey Insight."

Source: Planadviser.com, June 2024

SECURE 2.0 Optional Provisions Survey Insights

Fidelity recently invited over 2,000 clients to participate in an optional provision survey to obtain insight into client intentions. Top-ranked optional provisions reported by respondents include features such as the increased catch-up contribution limit for participants ages 60 to 63, as well as the new in-service distribution options made available under SECURE 2.0. Read this 5-page report to learn more about the emerging trends and considerations for plan sponsors as you evaluate SECURE 2.0 optional provisions.

Source: Fidelityworkplace.com, June 2024

Plaintiff Lawyers Can Now Use AI to Identify Potential Plan Issues

Tech and legal firm Darrow uses AI as a tool for ERISA lawsuit allegations such as underperforming plans and excessive fees. Attorney Levine, who often represents fiduciary defendants, says that the use of AI in this field of law is relatively new, but its use is "very much a data processing tool," and little else. Fiduciaries should generally follow the same principles as before, he says, but since AI models tend to focus on data procured from Form 5500s, sponsors should consider evaluating their Form 5500 reporting to be sure everything is accurate.

Source: Planadviser.com, June 2024

The Growing Trend of Collective Investment Trusts

Many plan fiduciaries express surprise when learning that Collective Investment Trusts have existed longer than their 40 Act Mutual Fund counterparts. Collective trusts are similar to mutual funds given investors in both pool assets with others and own a portion of the fund. Both vehicles are daily valued and provide investors with a Net Asset Value. Additionally, both vehicles are professionally managed, audited annually, and provide investors with periodically produced "fact sheets." However, there are several key differences between mutual funds and CITs.

Source: Fiducientadvisors.com, June 2024

How America Saves? At a Record Pace in 401k, Vanguard Finds

The report found that the average participant deferral rate matched the historic high of 7.4% in 2023 (the median deferral rate was 6.2%). When combined with employer contributions, the average participant total savings rate kept pace with the all-time high of 11.7% (median 11%), reached the prior year.

Source: 401kspecialistmag.com, June 2024

Business Owners Delay Retirement Due to Savings Fears

While most business owners say they're on track for retirement, recent findings from Nationwide show that just over a third (36%) have postponed their retirement in the past year. This concern is even more prominent for small business owners, with 57% who say they have pushed back their retirement timelines.

Source: 401kspecialistmag.com, June 2024

CITs Assert Greater Dominance in DC Plans

The growing adoption of collective investment trusts in the DC market has raised questions about whether mutual funds are heading toward obsolescence. Factors such as pricing, fee transparency, and investment minimums are just a few variables that shape whether mutual funds will remain a competitive investment vehicle, according to the latest Cerulli Edge--U.S. Retirement Edition.

Source: Cerulli.com, June 2024

The Future of Mutual Funds Amidst CIT Growth

While mutual funds have largely dominated 401k plans in the past, increases in CIT usage have led some experts to question whether the funds are slowly phasing out of the U.S. retirement system. A recent report from Morningstar found that CITs are currently on pace to overtake mutual funds as the most popular target-date vehicle in 2024, as they now represent 49% of the 401k market. New research by Cerulli Associates questions the future state of mutual funds.

Source: 401kspecialistmag.com, June 2024

Institutional Plan Consultants: Nearly 90% of Clients Want Income Solutions

Institutional defined contribution consultants are getting this message from nearly 90% of clients: We want retirement income solutions to offer our participants, according to PIMCO's 2024 DC Consulting Study. In a study capturing data, trends and opinions from 28 consulting and advisory firms working with more than 15,000 clients representing more than $7.9 trillion, respondents said 90% of large institutional clients put retirement income solutions of both guaranteed and non-guaranteed options as a top priority, a 21% increase over 2023.

Source: Planadviser.com, June 2024

Strong Plan Committees Have Documentation, Flexibility

When it comes to running strong retirement plan committees, organization, documentation and flexibility are some of the key strategies for plan sponsors and their advisers to follow. Success comes not from following a set list of procedures, but creating the process that will best meet the plan sponsors goals and sticking to it.

Source: Planadviser.com, June 2024

Most Workers are Unknowingly Skimping on Their 401ks

A large chunk of US employees are not making contributions to their workplace retirement plans, and they don't even know it. A new poll from Principal sheds light on employee confusion around workplace retirement plans, and how good plan design could help solve the problem.

Source: Investmentnews.com, June 2024

Employees Mistakenly Believe They're Contributing to Retirement

Over half of employees who say they're contributing to their retirement are not, reports new findings from Principal's Retirement Security Survey. According to the report, which fielded responses from 2,050 workers, 59% of employees who are not contributing to their 401k or other workplace plan believe they are. Another 77% think they began saving after becoming eligible to contribute, showing a serious lack of retirement planning education and communications among workforces and their employees.

Source: 401kspecialistmag.com, June 2024

Plan Sponsors Focusing on Retirement Income Solutions

A greater number of DC plan sponsors are prioritizing retirement income solutions, according to a recent report by PIMCO. The firm's latest study found that nearly 90% of large institutional consultants say the top priority for clients is to find solutions for generating income in retirement, a 21% increase over the previous year.

Source: 401kspecialistmag.com, June 2024

What Keeps Employees From Contributing to Their Workplace Retirement Plan?

Nearly six-in-10 employees (59%) who are not contributing to their 401k or other workplace retirement plan think they are, according to the latest Principal Retirement Security Survey. Three out of every four of those employees (77%) believed they started saving upon becoming eligible to contribute. This misperception, compounded by persistent inflation and elevated interest rates, makes it harder for Americans to reach their retirement goals, according to Principal.

Source: Principal.com, June 2024

The Missing Link: Adding Emergency Savings Solutions to Retirement Plans

The passage of SECURE 2.0 brought new in-plan emergency savings solutions. What have the past five years of research taught us about the connection between short-term and long-term financial security? And how can 401k plans benefit from lessons learned?

Source: Blackrock.com, June 2024

How Does Inflation Impact Near Retirees and Retirees?

Because inflation has been so low for so long, the risks of inflation have been generally overlooked and recent history does not offer much practical insight on its impact. This article, which is the first of two based on a new study, illustrates the financial consequences of high inflation by using economic theory and hypothetical households to trace possible paths of consumption and wealth under different macroeconomic scenarios.

Source: Bc.edu, June 2024

Why are Employees Not Participating in Their 401ks?

To better understand the reasons behind low participation, the Principal Group surveyed people eligible for their workplace retirement plans but currently not contributing. This is an 11-page report on their findings.

Source: Principal.com, May 2024

In Defense of the 401k Plan

Do 401k plans deserve a failing grade? An objective answer would be no because the critics haven't adequately addressed relatively recent developments that, if given a chance to take hold, could substantially improve the existing private employer system. This could be done without creating a new bureaucracy or requiring the federal government to start funding 401k plans. This article reviews some relatively recent developments that could make 401k plans more accessible and easier for employers to run and employees to navigate.

Source: Cohenbuckmann.com, May 2024

401k Account Balances Reach Record Levels

Account balances rose to their highest levels since the fourth quarter of 2021, thanks to record-high contribution levels and positive market conditions, reports a new retirement analysis out today by Fidelity Investments. For 401k accounts, balances increased 6% from Q4 2024, to achieve $125,900. IRAs saw a 10% rise and totaled $127,745 in Q1, while 403b accounts moved up 7% for a total of $113,000.

Source: 401kspecialistmag.com, May 2024

Employees Falling Short of Retirement Objectives

Most employees are not on track to meet their retirement goals, motivating them to improve their understanding of retirement readiness, fundamental investment strategies, and other financial wellness topics, according to Qualified Plan Advisors' second annual Financial Wellness Report. The statistics align with much of the retirement industry's recent push to provide financial wellness programs and resources to employees alongside 401ks and other savings programs.

Source: Planadviser.com, May 2024

Is Your DC Plan Retirement Ready? Helping Participants Get to and Through Retirement

In this 18-page whitepaper, the Groom Law Group covers defined contribution plan design and lifetime income options for fiduciaries. It examines the shift in retirement income, types of lifetime income options, the basics of being a fiduciary, tips for fiduciaries on how to mitigate risks, and more.

Source: Groom.com, May 2024

401k Managed Account Investors More Confident in Retirement Investment Strategy Than Non-Advice Users

As the retirement industry continues its transition away from the defined benefit system, the onus is increasingly placed on individual plan participants to educate themselves and implement an appropriate retirement investment and income strategy. Cerulli finds that many plan participants are not equipped to handle this responsibility on their own; only 16% of non-advice users reported feeling very confident in their retirement investment strategy. By comparison, 47% of DC-managed account program users reported feeling very confident in their strategy.

Source: Cerulli.com, May 2024

White-Black 401k Gap Widens for the Old and the Rich

The stark difference in Black and White workers' wealth is old news. But now we have some fresh information about the wealth gap: it grows as people age and move through their retirement years. The most striking deterioration in Blacks' relative standing can be seen in non-housing wealth. This mainly consists of 401k-style plans and savings and investment accounts and does not include the wealth inherent in retirees' Social Security or employer pensions.

Source: Bc.edu, May 2024

Retirement Planning: Does It Make Sense to Plan to Age 95?

A new report provides an interesting take on whether it makes sense for retirees and near-retirees to base their retirement planning on the industry-wide assumption that they will live to age 95. Instead of simply using age as a factor in determining how much to save and spend for purposes of retirement planning, the report by HealthView Services examines the financial impact for clients planning to age 95 versus beginning the discussion using actuarial longevity based on health conditions.

Source: Asppa.org, May 2024

Small Businesses are Growing, but Will That Translate to More 401ks?

May is National Small Business Month, and small businesses seem to be faring pretty well both in terms of growth and hiring, according to recent reports. The strength of small businesses, combined with state mandates and federal incentives, should in turn help with increasing workplace retirement plan coverage.

Source: Planadviser.com, May 2024

AT&T Fee Lawsuit Could Reach Supreme Court Next Year

AT&T was initially sued in 2017 for a breach of fiduciary duty when it amended contracts to add brokerage and investment advisory services offered by Fidelity Investments for their participants in 2012 and 2014, respectively. The plaintiffs alleged that AT&T did not evaluate or disclose the compensation paid to Fidelity when it added these services. The complaint added that the fees were a prohibited transaction, did not comply with the terms of any exemption, and that the plan sponsor had not followed a prudent process.

Source: Planadviser.com, May 2024

How Many Retirees Are Actually "Living a Nightmare"?

A recent headline fans the flame of retirement panic but just take a look at the actual data. The source of the data was Schroders' 2024 U.S. Retirement Survey, which did find some retirees characterizing their existence that way, in this case, "some" was 4%. That's right, just 4%, which, coincidentally enough happened to match the number that said they were "living the dream".

Source: Napa-net.org, May 2024

How AI Is Impacting DC Plan Members' Financial Decisions

While artificial intelligence may one day be able to remove human bias from financial decision-making, that development remains far in the future, said Lisa Kramer, a professor of finance at the University of Toronto's Rotman School of Management, during the keynote session at Benefits Canada's 2024 Defined Contribution Plan Summit in February.

Source: Benefitscanada.com, May 2024

Saver's Match Could Have a Major Impact on 401k Race, Gender Gaps

How will the Saver's Match contained in SECURE 2.0 affect race/gender disparities in 401k balances? It's a question tackled in the latest analysis from the Collaborative for Equitable Retirement Savings, comprised of three high-profile retirement plan research organizations. It found that the Saver's Match "would help close the racial wealth gap in 401k plans, particularly for Black females while providing benefits to workers across all races."

Source: Asppa.org, May 2024

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