As ideas on how best to help Americans increasingly at risk of running out of money in retirement continue to advance, plan sponsors will need to stay abreast of changing regulatory and compliance requirements, evolving participant needs and expectations, and technology and innovation trends.

At TIAA, we discussed some of these concepts and topics last fall at our first-ever consultant forum, TIAA TMRW, specifically designed for the consultant marketplace. We wanted to educate consultants and others on what's happening from a fiduciary legislative standpoint, the 403(b) market, updates in plan design, and more. While we can't predict the future, of course, we believe we have a good grasp on what's happening in the industry. Here are details on four major trends that could affect recordkeepers, consultants and plan sponsors in 2024.

#1: Recordkeeping – Expect more emphasis on participant services  

Even with thousands of participants within a retirement plan, the reality is, only a fraction take advantage of the advice services offered. There is still a large pool of people who need help and either don't know what services are available or are too overwhelmed by what is presented to them.