Employers Strike Out Supporting Employee's Needs on 401k Plans
CHESTER, NJ, November 5, 2009 -- One in five employees indicate they are dissatisfied with the current support they receive, according to a new national study released this week.
- 54% of employee's want help with retirement tools & resources.
- 56% of employee's want retirement planning assistance from their employer.
- Fewer than 4 in 10 employers hold annual meetings on their retirement plan.
"The First Annual 401k Participant Experience Study provides some surprising new insights," said Mathew Greenwald, Ph.D., President of Mathew Greenwald and Associates, "It clearly shows the impact that the employer has in overall plan satisfaction and employees retirement support expectations in the workplace."
A significant proportion of employee's retirement savings comes from employer sponsored plans, such as 401k's. Despite many years of participation, employees don't feel equipped to deal with all the aspects of retirement planning. They look to their employer to support and assist them in preparing for retirement.
"Today's overstressed, multi-tasking lifestyle leaves little personal time for retirement planning" said Kendall Kay, LLIF, President, KK & Company. "By supplying and supporting pre-retirement workshops at the workplace, the employer can overcome a critical gap and increase employee satisfaction with them and the retirement plan."
The purpose of this study was to gain a better understanding of employee's current experience with their retirement plan. Expectations of their employer, advisors and providers of their retirement plans were rated. Through regression analysis, problems and possible solutions were also evaluated. Information was gathered through a 20-minute on-line interview with a total of over 1,000 participants in August 2009. This represents a comprehensive sample.
About Mathew Greenwald & Associates
Mathew Greenwald & Associates, Inc. is full service market research Company that specializes in serving the needs of the financial services industry. We have conducted customized research for more than 200 organizations. Greenwald & Associates is a member of a Research Center, in partnership with RAND, Dartmouth College, The Wharton School, Harvard University and others that is conducting research for the Social Security Administration to help enhance the financial literacy of Americans. For more information please go to: www.greenwaldresearch.com
About KK & Company
KK & Company provides strategic planning, marketing, and business development for financial services and health care organizations. Creating customized solutions that deliver a unique and profitable competitive advantage, KK & Company's specialized knowledge of wealth accumulation, retirement income, wellness and employer markets help some of the world's most prestigious institutions understand and meet their customers' needs. For more information please go to: www.kaykayco.com.
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