Defined Contribution

Gen X is the most negative about their retirement outlook.

Lifetime income products are capturing more attention in a highly volatile economic climate.

Among the ripple effects is the potential for an overhaul of the federal student loan system for borrowers; the department oversees federal loans held by roughly 43 million Americans — or about 1 in 6 US adults.

Many plan sponsors believe personalized advice and guidance will improve retirement outcomes and see managed accounts as the next step in the evolution of "one portfolio for all perspectives," according to PGIM's Defined Contribution survey.

For these young employees that feel overwhelmed by finances or don't know where to start, employers should consider working with a benefits provider to offer them the option to connect with a financial advisor or coach for personalized financial guidance.

SECURE 2.0 has considerably expanded access to PEPs for small and midsize employers, but many don't understand the tax credits now available to them.