Defined Contribution

A higher employer 401(k) matching rate corresponded with a greater likelihood for employees to cash out of retirement plans when switching jobs, according to a new survey.

Against the backdrop of a second financial blow to those already struggling to recover from the impact COVID-19 had on their finances, stress levels are on the rise - and employers can offer support in a number of ways, says a survey.

Although fees fell for all employer-sponsored retirement plans, small plans (with 50 participants and $5 million in assets) still pay higher fees, according to a book that analyzes 401(k) fees.

Addressing employee debt through financial wellness education – whether by 1:1 counseling, by email or through a digital app – can lead to higher employee satisfaction and lower turnover.

The National Association of Government Defined Contribution Administrators sent a letter to the IRS and the Treasury, urging clarification on age-60 catch-up contributions and plan participation for part-time workers.

Millennials expect they'll need $1.3 million for a comfortable retirement but only 29% will reach that, while older workers say they'll need $1.1 million, though only 21% expect to reach it.

Since more than half of employees said they haven't received financial advice for investing or retirement, resources like employee assistance programs and financial well-being programs have never been more important, says a new survey.

There are five key questions every employee needs to consider on their path to retirement readiness, and employers are the ones who need to deliver the message as part of a much-needed financial wellness program.