59 percent of sponsors subscribe to the “hands-off” approach, letting employees make their own choices; 41 percent (more likely to be among sponsors of larger plans) take a more proactive approach in getting employees onto the right savings and investing path. (Photo: Shutterstock)
Plan sponsors may feel responsibility for helping their employees achieve financial wellness, but the “hands-off” approach many take to defined contribution retirement plans is not necessarily helpful in meeting their goals.
So finds a survey from J.P. Morgan, which also reports that despite the fact that 74 percent of plan sponsors indicate that they feel a “very high” or “somewhat high” commitment to employees' financial well-being—a percentage that has increased by 25 percent since the first survey in 2013—their current actions aren't achieving their desired objectives.
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Marlene Satter
Marlene Y. Satter has worked in and written about the financial industry for decades.
