Annuities and similar products may help address retirement readiness in an aging workforce
People are living longer, which means they may need their retirement savings to last decades. As a result, nearly half (48%) of participants are concerned about outliving their retirement savings. Many Americans don’t know how to transform their savings into retirement income.
If you’ve noticed that recruiting and retaining is becoming more difficult by the day, you’re not alone.
Note that 66% of employees have their foot out the door. Why?
With trillions of dollars in America’s retirement savings plans, your employee’s hard-earned savings are not immune to cybercriminals. Hackers are getting smarter every day, and all they need to drain an account is a name, SSN, date of birth, address and social media intel.
Today’s workforce spans a variety of abilities, skills, experiences and cultural backgrounds that bring exceptional value. It is beneficial to understand and recognize these differences to achieve exceptional results. This remains true when offering, communicating and promoting your company’s retirement plan.
DOL Audits happen, are you prepared?
The value-driven workplace and its implications for retirement plans
If the term ”audit” makes you uncomfortable, anxious or even scared, you are not alone. Last year, the Department of Labor (DOL) closed 1,122 civil investigations with 754 (67%), resulting in fees, repayments or corrective actions. The agency collected over $3.12 billion in direct payments to plans, participants and beneficiaries. This represents a whopping 300% increase in just five years.
The workforce is changing as we know it, and efforts like DEI, sustainable ESG investing and proactive preparation for DOL audits can help employers like you keep up with this transformative period.
If you think you’re alone in managing your 401(k) plan, think again! A Retirement Plan Committee is a dedicated group that manages investment options, oversees retirement plan administration and provides fiduciary oversight and accountability.
Americans are living longer than ever before. Life expectancy is now at 79 years old, and many employees will need to save enough to live 17+ years in retirement.1 How financially prepared are your employees to enter into this next stage of life?
