When employers design retirement plans nowadays, they might want to keep in mind that employees sometimes have different goals for their accounts that may not include a lifetime income stream at retirement.
A study by the National Association of Government Defined Contribution Administrators Inc. points out that many plan participants might have other retirement accounts in place and view their employer-sponsored plan as something they can use to enhance their lifestyle in retirement or pass on to their heirs after they pass away. Others, meanwhile, have balances too small to use as a meaningful long-term income source so would view their accounts as a special resource for an emergency or major purchase.
The bottom line is that a "one-size-fits-all" approach isn't typically best.
Complete your profile to continue reading and get FREE access to BenefitsPRO, part of your ALM digital membership.
Your access to unlimited BenefitsPRO content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking benefits news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
