Retirement Trends

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.

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.

Even if this isn't the time to expand your company's benefits roster, you still can add value by providing tailored financial education and information about external support like government-based programs or local backup care.

Slightly upping default auto-escalation rates - from 1% to 2% - and escalation intervals in defined contribution plans could improve savings without discouraging participation, according to Voya research.

While 38% of Gen X and 29% of baby boomer investors expect a prolonged period of severe downturn, 56% of Gen Z and 50% of millennials say they still expect to retire on time, according to the Nationwide Retirement Institute.

The Senate has voted to repeal Biden's student debt relief plan, although the president has said he will veto the legislation if it reaches his desk. If so, the Supreme Court will have the final decision this month.