Retirement plan sponsors and consultants up on the latest ideas about best practices in defined contribution plans may have support for plan design reform from an unexpected source: plan participants themselves.
The notion that the two groups are not far apart on some innovative retirement plan changes is borne out in a survey of 1,000 current or past participants in a 401(k) plan carried out by Greenwich Associates on behalf of Northern Trust, which administers some $222 billion in DC assets.
The study, "The Path Forward: The Ideal DC Plan May Be Closer Than You Think," is part of an annual research series that normally takes account of expert opinion — the views of plan sponsors or consultants. The current study, however, looks at plan design from the public's perspective.
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