Retirement Advisor

Many employees are not confident that they will have enough saved for a comfortable retirement.

Thanks to a new SECURE 2.0 provision that allows employers to offer financial incentives to start saving for retirement, participants can now earn up to $250 if they contribute to a plan for one year under a new program.

Although she didn't start in pole position, Nancy Giacolone has come to lead the pack through determination, innovation and a client-centered approach.

As the new law rolls out, some plan sponsors are questioning whether the government's capabilities to negotiate with Medicare on lower drug prices could prompt manufacturers to increase medication costs for employer plans.

While 83% of employers offer online tools on how to meet retirement readiness goals and 69% offer financial wellness services, only 27% set retirement readiness objectives for participants, according to PGIM DC Solutions.

While litigation is not widespread, it's important for plan sponsors to look at operations and shore up practices since there was action on 43 defined contribution cases during the first quarter of 2023, according to Mercer.

Benefits groups support the proposal, which would require retirement plans to use money forfeited by participants when they leave an employer before the end of a vesting schedule, starting in 2024..

While compensation is important, there's more to employee retention than just paying more: Financial wellness benefits, a health and fitness reimbursement and HSAs make an actual impact in your employees' lives.