Securing Retirement Futures: Strategies to Address Delayed Retirement
Delayed retirement is becoming increasingly common among Americans, impacting employers’ bottom lines, talent acquisition cycles, and overall productivity. A recent survey found that one in four employees anticipate working beyond their initially planned retirement age, and 9% fear they may never be able to retire.[1] This data supports a longer-term trend: since the early 1990s, rising labor force participation among older workers has lifted the average retirement age in the United States by three years.[2]
What Does a 401(k) Committee Do?
Who is making sure that your retirement plan works for you, your company, and your employees? That’s the job of your 401(k) committee! From compliance to employee education, the committee helps tailor the plan to fit your team’s needs. Let’s explore the essential tasks and responsibilities your 401(k) committee will focus on to help maintain an effective, compliant, and competitive plan.
401(k) Committee Changes and Tips to Help New Members
Change is upon us. The Silver Tsunami is lifting the baby boom generation into retirement. For many companies, this means shifts in 401(k) committee leadership. As with all committee processes, having a clear plan is essential. A well-documented transition process can help new and existing members understand their roles, and smooth and consistent transitions will keep plans operating seamlessly.
Should You Consider Auto-Features for Your Retirement Plan?
Auto-enrollment and auto-escalation are now standard for new plans. But how can you know if these “table-stakes” are a good option for your plan?
7 Tips to Help Participants with Long-Term Saving
Helping employees focus on long-term savings is not easy, especially during uncertain times. Still, employers have seen success. Despite stubborn inflation, a recent survey reports that plan participation and saving rates have reached all-time highs.
Leadership’s Role in Benchmarking Retirement Benefits
Providing competitive benefits is key to building a strong, successful team. Benchmarking is an important tool because it helps you get the data and insights needed to make smart decisions for your benefit plans. It’s also important for meeting rules, avoiding legal trouble, keeping up with industry standards, and supporting your employees.
Employee Benefits to Help Motivate Your Workforce
Employee benefits are no longer just extra perks; they’re an essential part of attracting and keeping great employees. A thoughtful benefits program can help create a workplace where employees feel valued and motivated. Here’s how offering the right benefits can make a difference for your team and your business.