20 01, 2022

Pension plans cheaper overall than 401(k)s, researchers find

2022-01-20T10:47:21-08:00January 20th, 2022|Categories: 401(k), Defined Benefit Plans|Tags: , |

By Emile Hallez Source: Investment News A pension research group has a message for employers: The switch from defined-benefit plans to 401(k)s has made retirement saving more expensive. That conclusion takes into account the costs borne by both employers and employees. Switching to a defined-contribution plan can of course save companies money, but the overall cost of the benefit increases, according to the National Institute on Retirement Security. The nonprofit this month published its third iteration of a paper [...]

5 11, 2021

Workers will soon find out how much guaranteed income their 401(k) could deliver in retirement

2021-11-05T16:48:56-07:00November 5th, 2021|Categories: 401(k)|Tags: , |

By Sarah O'Brien Source: CNBC It can be tricky figuring out how much income your retirement savings actually could deliver in your golden years. That may now become easier. As mandated in the 2019 Secure Act, 401(k) plan administrators will start providing illustrations on quarterly or annual statements showing an estimate of how much guaranteed lifetime income you could potentially get if the balance were annuitized. “The general intent here is to educate plan participants about how much their [...]

13 10, 2021

Plan Sponsors Want Guaranteed Lifetime Income Options

2021-10-13T10:09:30-07:00October 13th, 2021|Categories: 401(k)|Tags: , |

By Brian Anderson Source: 401K Specialist According to new research released today by Allianz Life, retirement plan sponsors “overwhelmingly” see the value of guaranteed lifetime income options—and are now ready to begin offering these new choices in their plans almost two years post-SECURE Act. According to the new data, plan sponsors indicated that they believe offering a guaranteed lifetime income option is a wise move that will go over well with plan participants. Of those surveyed, 87% of plan sponsors believe [...]

30 08, 2021

Why the 401k Fails and What A ‘Better’ System Looks Like, According to Teresa Ghilarduci

2021-08-30T08:31:42-07:00August 30th, 2021|Categories: 401(k)|

By John Sullivan Source: 401K Specialist  Teresa Ghilarducci once called the 401k an immature, underdeveloped child that needs help over a mudpuddle to the curb when crossing a street. While we disagree, we love the imagery. A labor economist and nationally recognized expert in retirement security with The New School for Social Research, Ghilarducci is a consistent and prolific advocate for a better system, however defined. Read the full article

30 08, 2021

40% of 401(k) participants say fees a mystery, GAO reports

2021-08-30T08:29:09-07:00August 30th, 2021|Categories: 401(k)|Tags: , |

By Brian Croce Source: Pensions & Investments Almost 40% of 401(k) plan participants do not fully understand the fees they are paying, a Government Accountability Office report released Thursday found. Moreover, 41% of participants incorrectly believe that they do not pay any 401(k) plan fees, according to the report. The Department of Labor requires plans to provide participants with fee disclosures, but GAO found that 45% of participants are not able to use the information in disclosures to determine [...]

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