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401k World: The Litigators

The era of plan litigation began, from the plaintiffs' view, seeking to protect workers from retirement plan negligence. From the position of many plan fiduciaries and their defense attorneys, the trend has spurred a host of copy-cat complaints aiming to wring settlements from large plan sponsors and providers. Whichever side is more accurate at any given moment -- or if it's some combination of both -- one thing is certain: DC litigation remains relatively robust. This PLANADVISER In-Depth story considers 401k litigation's present and future.

Source: Planadviser.com, March 2024

Americans Want Retirement Investment Advice to Be in Their Best Interest: Survey

A new survey commissioned by the CFP Board reveals that nearly 97% of Americans agree that the financial professional who provides one-time recommendations or other one-time advice about retirement investments should be required to act in their client's best interest. This includes a recommendation to roll over funds from a workplace retirement savings program into an IRA or an annuity.

Source: Prnewswire.com, March 2024

Beware of the Dark Side of the 401k Business

Like Gotham in the Batman comics, there is an ugly underbelly to New York City. The same can be said of the retirement plan business, there is a dark side and this article will highlight some of the bad in the business that you should avoid if you are a plan sponsor.

Source: Jdsupra.com, March 2024

Demand for Increased Personalization Could Come from Younger 401k Participants

The momentum behind personalized retirement outcomes may come from younger generations. According to Cerulli, younger 401k participants have a greater willingness to share personal data regarding health and balance sheet information. Asset managers and recordkeepers should pay closer attention to younger 401k participants and engage them by offering more personalized solutions.

Source: Cerulli.com, March 2024

Retirement Savers Ended 2023 on a Positive Note

Even with other ongoing financial struggles, retirement savers ended the year on a positive note with improved market conditions and consistent contributions helping boost average account balances to their highest level in nearly two years. The good news comes from Fidelity's Q4 2023 analysis, which is based on the savings behaviors and account balances for more than 45 million IRA, 401k, and 403b retirement accounts on the firm's platform.

Source: Ntsa-net.org, March 2024

Younger 401k Participants Seek Personalization Features

Younger participants enrolled in employer-sponsored retirement plans share a greater desire for personalization, finds new research from Cerulli Associates. According to the findings, Generation Z was the most willing out of all other generations to share personal information, such as retirement savings/account balances (51%), nonretirement savings/account balances (37%), and expected retirement age (66%). Forty-five percent of Gen Z respondents added that they are "very comfortable" sharing their current and/or projected spending with 401k providers.

Source: 401kspecialistmag.com, March 2024

Saving for Retirement Can Mean Adding Some Debt Too

In today's world, workers need to save if they want to be comfortable in retirement. But there are also limits to what many people can afford. A new study finds that when U.K. workers were automatically enrolled and started contributing to a retirement savings plan, their household debt -- credit cards, bank overdrafts, and other unsecured loans -- increased. For every 32 to 38 pounds (or $40-48) in combined monthly contributions by the employer and employee, their debt rose by just over 7 pounds (about $9).

Source: Bc.edu, March 2024

A Return to Retirement Income Plans?

Alaska debates reopening its defined benefit retirement plan to new public employees. The United Auto Workers and automakers negotiated a significant increase to individual retirement plan accounts. IBM announces a transition from matching 401k contributions to a hybrid-defined benefit plan design. These are some of the headline-making recent events that counter the narrative that the defined benefit retirement plan is dead. What is causing this shift and what lessons can stakeholders in other retirement programs learn? First and foremost, it's all about meaningful retirement income and lifetime financial security.

Source: Segalco.com, March 2024

401k World: DCIO Managers Adjust to Fee Pressures

Defined contribution investment-only asset managers have played a vital role in the retirement plan ecosystem as it has evolved. However, these fund managers have also faced myriad business challenges in recent years. Continued fee pressure and an uptick in shopping for the right funds have plan sponsors increasingly embracing collective investment trusts and passive strategies, pushing out the once DCIO-dominant actively managed mutual fund. The fourth story in this PLANADVISER In-Depth series considers how the rise of CITs and passive options has changed retirement investing.

Source: Planadviser.com, March 2024

"Exploding Market" for 401ks May Help Shrink Coverage Gap

According to research released Tuesday by payroll and small workplace plan retirement provider Paychex Inc., less than half (37.6%) of U.S. employers offer a retirement plan. While those numbers are dispiriting for many, some in the retirement industry see an opportunity to close that gap, particularly with relatively new opportunities stemming from provisions in the SECURE 2.0 Act of 2022, state mandates, pooled employer plans, and advancements in technology that can help advisers sign up more clients with small businesses.

Source: Planadviser.com, March 2024

The 2024 Game Plan for In-Plan Annuities

The long road to winning over plan sponsors and participants has been an uphill one filled with roadblocks that have kept most players on the sideline to date. With a lot of hard work and lessons learned, components for a successful annuities-within-401k plans game plan now appear to be in place. Will 2024 finally be the year in-plan annuities turn the corner and win over the workplace retirement plan market?

Source: Qualifiedplanadvisors.com, February 2024

More Than Half of U.S. Workers Are Unaware of the IRS Tax Credit for Eligible Retirement Savers

Fifty-three percent of U.S. workers are unaware of a tax credit that may help them save for retirement and lower their tax bill, according to survey findings from the nonprofit Transamerica Center for Retirement Studies. The Saver's Credit, also referred to as the Retirement Savings Contributions Credit by the IRS, is available to millions of taxpayers who are saving for retirement.

Source: Prnewswire.com, February 2024

The National Retirement Risk Index: An Update From the 2022 SCF

The release of the Federal Reserve's 2022 Survey of Consumer Finances offers an opportunity to reassess Americans' retirement preparedness as measured by the National Retirement Risk Index. The NRRI estimates the share of American households that are at risk of being unable to maintain their pre-retirement standard of living in retirement.

Source: Bc.edu, February 2024

Three Themes Shaping the U.S. Retirement Landscape

Looking into 2024, retirement income, personalization, and diversification will be the key themes for DC plan sponsors and their consultants and advisors. This 2024 U.S. Retirement Market Outlook explores why it is expected that these topics will shape the retirement landscape in the coming years and outlines the underlying factors that are creating both challenges and opportunities for the retirement industry. The paper also provides action items or next steps for plan sponsors, consultants, and advisors.

Source: Troweprice.com, February 2024

Four Phases of Retirement. The Third One Is Not Much Fun

If you're not preparing emotionally and socially -- and many boomers aren't -- retirement will be a bumpy ride. Riley Moynes, a writer and public speaker, issues this warning in the video here. But he also offers sound advice on how to smooth things out. The advice is dispensed in his descriptions of the four phases of retirement: vacation, loss, experimentation, and the reward. He arrived at these phases after interviewing dozens of retirees.

Source: Bc.edu, February 2024

Nearly Three Quarters of Higher Ed Institutions List Retirement Readiness as Top Concern

A new study on retirement plans in higher education institutions likens the past year's challenges to those during the COVID-19 pandemic and highlights how continuing economic fallouts have marred retirement planning for participants. According to Transamerica's latest Pulse survey, 71% of institutions say retirement preparedness is one of their top concerns, yet 86% cite the cost of living and inflation as their leading worry.

Source: 401kspecialistmag.com, February 2024

Driving Better Insights and Outcomes -- Securely -- With Artificial Intelligence

Many recordkeepers are embracing artificial intelligence to deliver a personalized participant experience necessary to support a comprehensive retirement strategy for workers nationwide. Are you able to take advantage? While this technology is intended to provide valuable insights and optimize retirement preparedness, it also introduces fundamental concerns for plan sponsors.

Source: Napa-net.org, February 2024

401k Managed Account Users Out-Saving TDF Participants

Retirement plan participants utilizing managed accounts are out-saving non-users and participants utilizing a single target date fund, according to data from Edelman Financial Engines. During the past decade, the savings rates of EFE managed account users have consistently averaged higher than non-users.

Source: 401kspecialistmag.com, February 2024

Employees See 401k Plans as Prerequisite Instead of Perk

Access to workplace retirement plans is no longer considered a job perk to employees, but a necessity instead. A new study released today by Vestwell, which surveyed 1,200 employees nationwide on savings habits, evolving benefits, and challenges, finds that 85% of respondents expect their employer to offer retirement benefits, up from 72% last year. Additionally, 89% of survey respondents say they would be more likely to continue working for an employer that offers a retirement benefit.

Source: 401kspecialistmag.com, February 2024

Advisors and Participants Don't Agree on Retirement Readiness

While plan participants think they're ready for retirement, their advisors aren't so sure. A new Allspring Global Investments' retirement survey finds a disconnect between both parties, noting that 64% of retirees and near-retirees believe they are ready for retirement, while only 40% of advisors say their clients are. This divide is even greater when it comes to retirement themes.

Source: 401kspecialistmag.com, February 2024

How Sponsors Can Get the Most Out of DC Plan Design Changes

Building the optimal defined contribution plan design to support participant retirement readiness requires integrating flexible options to account for the consistent income stream workers will lose in retirement. Guaranteed lifetime income features -- annuity products -- are useful to sponsors, but retirement experts recommend that sponsors instead focus on Social Security optimization, automatic features, and other high-value and low-cost features to alter plan designs before moving on to annuities.

Source: Plansponsor.com, February 2024

Student Loan Payments Negatively Impact 401k Contribution Rates, Account Balances

Making student loan debt payments is harming both the average 401k employee contribution rate and account balance, finds a new report released today by the Employee Benefit Research Institute and J.P. Morgan Asset Management. Among those with incomes less than $55,000, the study found the average employee contribution rate of those making a student loan payment was 5.3% compared with 5.7% for those not making student loan payments. The difference is larger among those with incomes of $55,000 or more: 6.1% with payments vs. 7.3% without payments.

Source: 401kspecialistmag.com, February 2024

Climate-Friendly Initiative Aims to Retire Big Oil in 401ks

A new initiative is targeting the fossil fuel industry's relationship with America's 401k accounts. The Virtual March to Retire Big Oil, organized by 401k climate impact platform Sphere, looks to dismantle funds from U.S. oil, gas, and coal companies as the default investment in U.S. 401k accounts by encouraging participants to take their objections online.

Source: 401kspecialistmag.com, February 2024

Almost Half of Employees Stressed About Retirement Savings

Nearly all employees are concerned about their finances, and almost half say they're just getting by, according to new research released today by SoFi. According to SoFi's report, 48% of workers are worried they don't have enough saved in an emergency account, and 45% are stressed about their lack of funds for retirement.

Source: 401kspecialistmag.com, February 2024

SECURE 2.0's Auto Enrollment, Savers Match Will Bring Most Positive Impact

Preliminary research from the Employee Benefit Research Institute says that the SECURE 2.0 Act of 2022 will bring modest benefits for those approaching retirement but will have a larger impact on younger workers. The report also found that the automatic enrollment and saver's match provisions will have the largest positive effect on retirement security nationally.

Source: Planadviser.com, February 2024

Advisers Hardly Ever Recommend Active TDFs to Retirement Plans, Research Shows

A survey conducted by Cerulli Associates showed that only 7% of defined contribution plan advisers would recommend an actively managed target-date fund to a retirement plan client, with the consultancy advising asset managers to stress the success of active strategies when touting both blended and actively managed strategies. The survey also found that student loan matching and Roth matching contributions were the two provisions from the SECURE 2.0 Act of 2022 that advisers say they are most likely to recommend to a plan.

Source: Planadviser.com, February 2024

The Pros and Cons of Remaining in a 401k Plan After Retirement

This paper examines whether retirees would benefit from staying in their companies' 401k plans after retirement, versus rolling their savings over to an IRA. The research focused on individuals having low or moderate levels of financial literacy and concluded that many such retirees would likely find it financially rewarding to retain their assets in their 401k plans.

Source: Openjournals.libs.uga.edu, February 2024

45% of U.S. DC Plan Sponsors Considering Adding Emergency Savings Options in 2024: Survey

More than two-fifths (45 percent) of U.S.-defined contribution plan sponsors say they're considering implementing emergency savings features, according to a survey from MFS Investment Management. The survey, which polled 1,000 DC plan members and more than 140 plan sponsors, found nearly a quarter (23 percent) of plan sponsors said they'd take advantage of new rules under the Secure 2.0 Act that allow plan members to take out $1,000 from their retirement accounts once every three years with no distribution tax charge.

Source: Benefitscanada.com, January 2024

New Brief Argues for Reallocating 401k Tax Expenditures to Social Security

The latest brief by the Center for Retirement Research at Boston College looks at how taxpayer resources could be utilized more productively, and possibly reallocated to Social Security.

Source: 401kspecialistmag.com, January 2024

Auto-IRAs and More: New Retirement Planning Options Target Underserved Employees

In the ongoing transformation of retirement planning in the United States, a collaborative effort is gaining traction to make retirement security accessible to all, especially those traditionally underserved. This nationwide movement, driven by state-sponsored auto-IRAs, federal legislative proposals, and innovative private-sector initiatives, underscores a commitment to bridging the retirement savings gap for small employers and part-time basis employees. Here is some of the latest when it comes to retirement savings programs for underserved workers.

Source: Corporateinsight.com, January 2024

The Case for Using Subsidies for Retirement Plans to Fix Social Security

Tax preferences for saving in retirement plans are expensive, about $185 billion in 2020, according to Treasury estimates. Strikingly, they also seem a bad deal for taxpayers, primarily benefiting high earners while failing to significantly boost national savings. Thus, the case is strong for eliminating or reducing these preferences. The resulting increase in tax revenues could be reallocated to fixing Social Security's finances.

Source: Bc.edu, January 2024

Infographics: Workers Prefer Financial Benefits to Lifestyle Perks

Retirement plan advisers and their plan sponsor clients often work hard to create great benefit plans for employees. But is that work truly appreciated? According to findings from Morgan Stanley's most recent Investor Pulse Survey, the answer is often "yes." In a survey of over 900 people, Morgan Stanley found that most employees will pick a financial workplace benefit over a lifestyle perk such as first-class seats for a business trip or box seats to a game or show.

Source: Planadviser.com, January 2024

New Report Examines Demographic Influences on Retirement Readiness Among Americans

Fewer than one in four Americans (24%) strongly agree they are currently building or have built a large enough retirement nest egg. However, this sentiment varies dramatically across demographic segments, according to "A Compendium of Demographic Influences on Retirement Security," a comprehensive survey report released today by the nonprofit Transamerica Center for Retirement Studies in collaboration with Transamerica Institute.

Source: Prnewswire.com, December 2023

Envestnet Expects Financial Advisers to Expand Further Into 401k Plan Business

Financial advisers, not just retirement specialists, are expected to pursue the 401k plan business at greater rates in 2024 and beyond, while demand for end-to-end technology solutions and personalized services will continue to grow, according to research from Envestnet Inc.

Source: Planadviser.com, December 2023

The 401k "Check Engine Lights" for Plan Sponsors

Unfortunately, as a 401k plan sponsor, you don't have a plan check engine light or tire pressure light. But there are warnings "lights" that your 401k plan may have issues. To check these, you have to be proactive and look under the hood of your 401k plan. This article is all about the warning lights you need to check.

Source: Jdsupra.com, December 2023

Gen Xers Are Really Bad Retirement Savers: Report

It's a massive gap. Generation X says it will take $1,112,183 in savings to retire comfortably, yet they expect to have $661,013 saved. The $451,170 difference tops the expected shortfall facing Millennials and Baby Boomers. According to a new Schroders survey, 45% of non-retired Gen Xers say they have not done any retirement planning, compared to 43% of Millennials and 30% of non-retired Baby Boomers.

Source: Napa-net.org, December 2023

What IBM's 401k-Match Move Means for Advisors, Sponsors, Participants

While IBM has not publicly announced the reasons for its decision, anecdotal evidence shows they are aware of shifting employee demographics and preferences and the need to balance those demands with an employee's current income needs. It creates a shift back to pension-style arrangements, usurping defined contribution plans. Is IBM on to something?

Source: Napa-net.org, December 2023

Survey Finds Less Than Half of US Workers Confident in Their Retirement Readiness

Betterment at Work released a new survey on the state of retirement readiness across the U.S. workforce. The report, which tracks year-over-year trends from 2022, polled 1,000 full-time U.S. employees to examine how retirement readiness and financial wellness have evolved in the past 12 months, shifts in employee benefit preferences, and how these trends have changed within a shifting economic environment.

Source: Prnewswire.com, December 2023

Wilshire: Personalized Investing Is Future of DC Plans

The future of defined contribution investing is poised for a major shift toward personalized solutions, ranging from more customized target-date funds to managed accounts to model portfolios for retirement savers, according to a white paper by Wilshire.

Source: Planadviser.com, December 2023

Pew Policy Summit Explores Retirement Security Issues Faced by Nontraditional Workers

Among the American workers who struggle most to save for retirement are those in nontraditional jobs, such as the self-employed, sole proprietors, gig workers, and contract workers. Several people with these jobs and a range of policy, business, and financial experts recently took part in a Nontraditional Workers and Retirement Policy Summit to better understand the problems and talk about potential steps to address them.

Source: Pewtrusts.org, December 2023

401k/IRA Holdings in 2022: An Update From the SCF

The advantage of the Federal Reserve's 2022 Survey of Consumer Finances over data on 401k plans from financial service firms is that it provides information not only about households' 401k holdings but also about their IRAs, which are predominately rollovers from 401ks and represent the majority of retirement account assets. The good news: for working households nearing retirement with a 401k, median combined 401k/IRA balances rose from $144,000 to $204,000.

Source: Bc.edu, December 2023

Employers Overestimate Employee Retirement Confidence

It's become clear there is a disconnect between employers and their employees surrounding retirement readiness. A new study from Voya Financial found that while the vast majority of plan sponsors (87%) think their participants are somewhat or very prepared for retirement, only 63% of participants feel the same.

Source: 401kspecialistmag.com, December 2023

401k Contributions Steady, but Hardship Withdrawals and Loans Rise: Fidelity

While contribution levels have remained consistent, a troubling trend is that many individuals increasingly have been tapping their retirement savings through hardship withdrawals or loans. This is according to the latest data from Fidelity Investments' Q3 2023 retirement analysis, which shows that 2.3% of workers took a hardship withdrawal, up from 1.8% in Q3 2022. Notably, the top two reasons behind this uptick were avoiding foreclosure/eviction and medical expenses.

Source: Napa-net.org, November 2023

Retirement Policy and Regulatory Trends for 2024

As we head into the 2024 election year, experts are projecting the upcoming trends in retirement public policy and regulation. T. Rowe Price held its U.S. Retirement Market Outlook event this week, commenting on possible developments within retirement income, practices, and public policy.

Source: 401kspecialistmag.com, November 2023

More Americans Expect to Delay Retirement to Age 63

Today's inflationary environment is causing some to rethink their retirement plans down the line. The latest research from Empower finds that considering the current economic environment, more people estimate delaying their expected retirement by three years, for an average age of 63.

Source: 401kspecialistmag.com, November 2023

100% of Large Retirement Plan Advisories Now Include Wealth Strategy, According to T. Rowe

There's no more holding out by large retirement plan advisory firms in offering a built-in wealth strategy for clients, according to researchers at T. Rowe Price. In the Retirement Leadership Forum 2021 Aggregator Survey, all advisers reported having a built-in wealth strategy to offer participants in the plan, said Michael Doshier, a senior defined contribution adviser strategist at T. Rowe Price.

Source: Planadviser.com, November 2023

Retirement Plan Contributions Slipped in 2022

NAPA sister organization Plan Sponsor Council of America is out with its latest survey of 401k plans. It finds that after record contribution rates from participants and employers in 2021, plan contributions dipped in 2022. However, although participation and contribution rates slipped, they nonetheless remain strong.

Source: Napa-net.org, November 2023

Third of DC Plan Sponsors Don't Expect Employees to Use Financial Wellness Programs: Survey

About a third (32 percent) of defined contribution plan sponsors that currently don't use a financial wellness program say it's because they don't expect employees to take advantage of it, according to a new survey by Cerulli Associates. However, the survey also found financial wellness programs have grown to become a key component of the DC plan value chain, with close to 90 percent of recordkeepers presenting a financial wellness program.

Source: Benefitscanada.com, November 2023

Seven Steps Toward a New Paradigm for Retirement

The author suggests that the conventional wisdom on retirement is misguided. The approaching exhaustion of the Social Security and Medicare trust funds has stoked anxiety over the disappearance of these programs' support, while dire statistics about Americans' lack of retirement assets have propelled a belief of chronic under-saving. In the aggregate, neither view is quite right, and this mischaracterization has unearthed calls by some to dismantle the entire system. While the current system has serious flaws, however, it is still worth saving. To do so, policymakers need both an accurate assessment of the system's shortfalls and a menu of plausible options to improve them.

Source: Georgetown.edu, November 2023

CIT Providers Target Mid-Sized to Large DC Plans in 2024

Collective investment trusts have surpassed mutual funds as the top investment vehicle by defined contribution investment-only assets. CIT assets totaled $4.63 trillion as of year-end 2022, as improved capital market conditions coupled with continued robust demand within the defined contribution retirement plan space have contributed to ongoing growth, according to Cerulli's latest report.

Source: Cerulli.com, November 2023

Small Businesses See Many Obstacles to Plan Creation, Lack Awareness of SECURE 2.0

A survey from Capital Group found that the primary obstacles to small businesses creating retirement plans were costs, complexity, and concerns about the size and stability of their business. The report also found that larger employers were much more informed about the SECURE 2.0 Act of 2022 and the law's impact on federal retirement policy.

Source: Planadviser.com, November 2023

Employee Attitudes Towards Their Retirement Benefits Contain Contradictions

While employees expect their defined contribution plan to be a key vehicle for funding their retirement, most are worried their retirement savings will not be enough to cover their expenses, according to new research from Buck.

Source: Napa-net.org, November 2023

IBM Plans to End 5% Employer Matching in 401k Plan

IBM plans to end 5% matching contributions to employees' 401k accounts in favor of an automatic 5% retirement benefit provided to all employees, starting January 1, 2024. The technology corporation will still allow employees to make deferrals into a 401k, but it will direct 5% of each employee's salary into what it terms a "Retirement Benefit Account."

Source: Plansponsor.com, November 2023

Employees Expect Workplace Plans to Completely Fund Retirement

Employees are banking on their DC plans to entirely fund their retirement, finds a new survey by human resources and benefits consulting firm Buck. The report surveyed employees' attitudes on top workplace features and found that 70% of workers expect their workplace plan to completely finance their retirement. Nearly half of all employees (45%) believe they need more than $1 million to retire, and 10% believe they need more than $2 million.

Source: 401kspecialistmag.com, November 2023

Survey Finds 74% of Canadian Workers Say It's Important for Employers to Offer Retirement Savings Options

Roughly three-quarters (74 percent) of Canadian employees say it's important for their employer to offer a retirement savings option, according to the latest mental-health index by Telus Health. The survey, which polled 3,000 respondents, found that 70 percent reported not knowing or being unsure of how much savings they'll need to maintain their desired standard of living in retirement. Forty-four percent said they're concerned about being able to purchase or rent a home and 30 percent said they want benefits packages with financial planning solutions.

Source: Benefitscanada.com, October 2023

Small Business Retirement Plans: The Importance of Employer Perceptions of Benefits and Costs

This 2023 Small Business Retirement Survey provides an in-depth look at why small firms do or do not offer a retirement savings plan. Some key findings are: Firms that believe retirement plans help with hiring and retention are much more likely to offer a plan now or soon. The main barriers to offering a plan are concerns about the stability/size of the firm and the perceived costs of a plan. Concerns about costs are driven by misperceptions; many firms are unaware of lower-cost options for employers and tax credits. The survey results also suggest that state auto-IRA programs do not deter firms from offering a plan and may even encourage it.

Source: Bc.edu, October 2023

Personalized Solutions Help Plan Sponsors Address Retirement Readiness

According to new research, a challenge for key decision-makers at some of the nation's largest corporate DC plans is selecting the right personalized financial services for their participant base. These plans typically have sizeable, diverse participant populations with varying levels of wealth, financial challenges, objectives, and preferences. Accommodating the needs of heterogeneous plan participants requires programs and features that can fill in gaps left by target-date funds or other less personalized offerings.

Source: Cerulli.com, October 2023

Plan Sponsors Look for Personalized Solutions to Help Participants Reach Retirement Readiness

More than one-third (36%) of 401k plan sponsors cite improving retirement readiness as the top priority for their 401k plan, according to a new white paper issued today by Cerulli Associates. The white paper offers fresh insights featuring perspectives from large 401k plan sponsors on the value of managed accounts and other personalized financial wellness offerings.

Source: 401kspecialistmag.com, October 2023

Inflation Leading to Retirement Saving Behavioral Change Across Generations

Inflation fears are leading to behavioral change, especially with retirement saving and investing. Following a second straight year of above-average inflation, and after last year's volatile markets, workers' perceptions of what retirement will look like have begun to shift, further complicating the retirement outlook, according to MFS Investment Management's 2023 Global Retirement Survey.

Source: Napa-net.org, October 2023

Help or Hype: AI's Impact on the Retirement Plan Space

Global adoption of artificial intelligence in all industries is happening at a breakneck pace, the retirement plan space included. It's not a question of if, but how, it will affect plan advisors, sponsors, and participants. The author spoke with top advisors and experts about what to expect.

Source: Napa-net.org, October 2023

Five Ways Employers Can Improve Retirement Readiness for Underserved Participants

From incorporating an in-plan emergency savings vehicle to facilitating auto-portability, employers can take actionable steps to help disadvantaged workers save for retirement, Alight advises.

Source: Plansponsor.com, October 2023

Gen Z Has Ambitious Retirement Goals in Face of Increasing Obstacles, Schwab Says

According to Charles Schwab's annual nationwide survey of 401k plan participants, Gen Z employees, or those who are 21 to 26 years old, want to retire at age 61, but 99% say they are facing obstacles to saving for a comfortable retirement, a 9% jump over last year and higher relative to the 88% of millennials, 91% of Gen Xers and 86% of boomers who cited such concerns. The top obstacles to meeting their retirement goals for Gen Z are inflation (54%), meeting monthly expenses (35%), and paying for unexpected expenses (31%).

Source: Investmentnews.com, October 2023


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