Defined Contribution

Plan sponsors offer strategies for helping participants who have fallen behind on saving for retirement but warn there is a fine line between helping and intruding.

In the past two years - perhaps due to the Great Resignation - there's been a 20% increase in left-behind assets in retirement plans when employees switch jobs, according to a new report.

Most employees expect to work longer, indicating they plan to retire at age 65 (up from 64 in 2022), and need to save more than they did a year ago, according to Northwestern Mutual.

While most states are beginning to offer hybrid DB/DC plans, Alaska has chosen to move future hires into defined benefit retirement plans.

As a manager or owner, you need to set an example for others to follow by explaining how you take advantage of company benefits - at staff meetings, quarterly company gatherings or even just conversations over coffee.

While health care costs are unchanged year over year, employers need to help pre-retirees save for health care expenses by considering options like a tax-advantaged health savings account, recommends Fidelity.

The Federal Reserve resumed raising interest rates for the 11th time on Wednesday at a range of 5.25 to 5.5% in its campaign to curb inflation, although it is no longer forecasting a recession in 2023.

By tailoring financial wellness programs to employees' needs and investing in programs proven to retain employees longer, like student loan debt repayment, businesses can better guide employees to real financial health.