Retirement Times

By the second quarter of this year, the number of “401(k) millionaires” rose 2.5% from Q1, marking a record high according to Fidelity.

Beneficiary designations are a critical yet often neglected aspect of retirement plans.

You could say that the past year has been one for the record books. As of January 2024, total U.S. consumer debt reached a historic $17.33 trillion while credit card rates surged to unprecedented levels, topping more than 24%.

As of January 2024, total U.S. consumer debt reached a historic $17.33 trillion while credit card rates surged to unprecedented levels, topping more than 24%.

TDFs offer participants many advantages: a simplified investment decision-making process, diversification by professional fund managers, automatic rebalancing, a glide path strategy that adjusts risk over time, and much more.

Americans are increasingly getting financial and retirement planning guidance from social media, risking exposure to misinformation, harmful advice and outright scams.

According to a December 2023 survey from Schroder’s, nearly half of non-retired Gen Xers, those born between 1965 and 1980, have not done any retirement planning whatsoever.

Retirement planning often directs attention toward midcareer 401(k) participants and those nearing retirement — and understandably so, given their tighter timeline to secure post-retirement financial stability.

Sound investment decisions are rarely made under the weight of worry. The field of behavioral finance points to a number of cognitive distortions that feed on investor fear and can plague participants’ decision-making while compromising their retirement readiness.

According to recent data from the National Council on Aging and the Women’s Institute for a Secure Retirement, nearly half of women ages 25 and older lack access to a tax-advantaged, employer-sponsored retirement plan.

Financial stressors including stubbornly high inflation and historic levels of credit card debt continue to impact workers across a wide range of income brackets.

The relationship we forge with our future selves can greatly impact financial decision making in the present.

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.

Employers can help close the retirement savings gap by deploying several smart strategies aimed at increasing catch-up contributions. Here are a few ideas to consider implementing at your organization.

When you’re a plan fiduciary, you are, of course, prioritizing what ERISA law requires of you. You have a checklist of Must-Dos.

A survey by the Nationwide Retirement Institute shows that 40% of older employees plan to retire later than anticipated because of inflation.

A full two-thirds of employees don’t receive guidance on managing their retirement plan benefit while offboarding. Leaving 401(k) or 403(b) balances behind can result in orphaned accounts that sit unmonitored and unmanaged by participants for years — as opposed to remaining an active part of their retirement planning.

Investment policy statements (IPSs) are commonplace among retirement plans — with around 83% providing one.

December brings with it an expectation of cheer, hope, and festivities. What your employees do not expect (and, frankly, don’t want) are grumpy nudges about enrollment.

In September, the U.S. Department of Labor (DOL) released an Interpretive Bulletin that updates guidance on audits of benefit plans under the Employee Retirement Income Security Act.

Most 401(k) plans have access to a large pool of funds, making them an attractive target for cybertheft, but unauthorized transactions aren’t the only goal of cybercriminals.

Over the past couple of years, the so-called “Great Resignation” has led to an unprecedented number of career changes.

Sponsors should carefully weigh the pros and cons of encouraging retirees to remain on board.

U.S. regulatory measures ensure that a company’s plan does not disproportionately benefit some employees over others, regardless of their income or ownership status.

Employees often prepare for a successful retirement, too often they fail to develop the necessary saving and investing habits.

According to the College Board, the cost of a four-year education increased more than 200% (after inflation) from 1988 to 2018.

The lawsuit, filed by former KPMG 401(k) plan participants, names the firm’s fiduciaries — including its Board of Directors and Pension Strategy and Investment Committee – as defendants.

Comprehensive TIAA survey of financial wellness plan participant perceptions may be helpful to create a wellness plan for their employees.

Most companies and organizations’ human resources departments and C-suites are seeking efficiencies and risk mitigation for their entities.

A recent IRS Issue Snapshot (link below) affirms that a participant loan is a legally enforceable agreement and terms of the loan agreement must comply with Internal Revenue Code (IRC Section 72(p)(2) and Treasury Regulation Section 1.72(p)-1).

2021 has been a challenging year for many of us but as we reflect on it, we realize how important you have been to our company.

High turnover and loss of talent can seriously undermine an organization’s productivity and profitability. But there are strategies you can use to help stem the tide.

In this age of relying heavily on technology, it is vital to take the necessary cyber security precautions. You want to make sure that all sensitive information is highly protected.