Plan Sponsor

According to the Employee Benefit Research Institute's 2023 Retirement Confidence Survey of 2,357 Americans, workers’ and retirees’ confidence that they’ll have enough savings to comfortably support themselves through retirement has dropped to levels not seen since the 2008 global financial crisis. The findings show 64% of workers feel “at least somewhat confident,” with only 18% feeling “very confident” as they remain concerned about inflation and the possibility of recession. Employers can deploy several strategies to help.

Financial stressors, including stubbornly high inflation and historic levels of credit card debt, continue to impact workers across a wide range of income brackets. Research concludes that employees often run out of money in between paychecks. Due to this, professional retirement planning assistance has become a key focus for employees in terms of benefits considerations.

When conducting three- to five-year live-bids, it can be tempting to hyper-focus on fees. But a thorough review of qualitative measures can be key to getting more of your organizational needs met. Here are some considerations to keep in mind when assembling — and evaluating — your next RFP.

The relationship we forge with our future selves can greatly impact financial decision making in the present. Research reveals that subjects with a stronger connection to their future selves are more likely to delay gratification and make more prudent financial choices. But how can plan sponsors help employees make the connection?

A retirement plan may have one or more fiduciaries who have distinct responsibilities, though many individuals and committees may serve in multiple fiduciary roles. Here is a brief overview of the categories of fiduciaries.

From recent college grads struggling with student debt to seasoned professionals planning an imminent retirement, participants’ financial needs and goals are as diverse as the workforce they’re part of. In response, many organizations have chosen to implement a multi-faceted financial wellness offering. However, the question remains: how do you ensure participants connect with the resources that most closely align with their individual needs?