For employees, portable plans mean they own their retirement savings from day one, eliminating the need for complex rollovers when changing jobs. For employers, these plans remove the administrative burden and high costs.
Nearly half of workers eligible for state-run retirement savings programs can't be verified, under anti-money laundering requirements of the 2001 USA Patriot Act, reports the Bipartisan Policy Center.
Retirement plan participants find plan information confusing, even overwhelming, and question their own investment choices, which is why 74% of Americans want more professional help with their 401(k)s – and many are willing to pay for it, says a Pontera survey.
After getting fined $35 million by the Securities and Exchange Commission in September, Invesco is fined again – this time for violations of the Advisers Act.
While employees say they have better access than ever to financial products and services, employers need to continue educating employees about the value of their retirement benefits, according to a Principal survey.
In President-elect Trump’s first administration, there were “explicit statements of support for the 401(k) system and its pre-tax savings benefits,” said one expert. Will that continue?
The new retirement bill, aimed at expanding retirement coverage for workers not covered by an employer plan, would likely lead to worse retirement outcomes for most Gen Z and millennial workers, according to the Morningstar Center for Retirement's new research.
On Thursday, just days after Donald Trump was elected President, Federal Reserve Chair Jerome Powell announced interest rate cuts by a quarter of a percentage point – to a range of 4.5% to 4.75%.
Managers might bring up financial tools during one-on-ones to help create an open culture that makes employees feel comfortable to ask questions if a financial crisis comes up.