While saving for retirement is the top-ranked financial goal for employees overall, young and lower income employees rank paying off credit card debt as their top financial goal, according to a Bank of America report.
By thinking critically about benefits approachability, benefits advisors and employers can boost employees' health care literacy, see higher utilization rates and heighten morale and satisfaction.
An estimated 80% of plan sponsors are overpaying administrative and investment fees due to failure to benchmark their plans annually, according to Steven Abernathy, Principal and Chairman of Abernathy Daley 401K Consultants.
There's a push by Congress, spearheaded by ranking committee member Sen. Tim Scott, to include the ability for 403(b) plans to use the low-cost CIT investment options that many 401(k) plans use today.
To address and navigate RTO uneasiness with greater confidence and less disruption, employers must understand and validate the unique life circumstances of employees.