Retirement Income

Plan sponsors are often reluctant to take big steps in making plan changes — but a new participant survey finds that workers would welcome more aggressive defaults.According to a national survey conducted by American Century Investments: Eight out of 10 employees want at least a “slight nudge” from... READ MORE

There’s a lot of reports about how Millennials aren’t saving, or aren’t saving enough, for retirement — but a new survey tells a different story.Fidelity reports that the average balance for Millennials who have been continuously active in their 401(k) plan for 10 years reached a record $92,900 at... READ MORE

We’ve heard that financial wellness contributes to physical wellness — but could saving for retirement be an indicator as to who will take steps to improve their health?A pair of Washington University researchers claim to have found that the decision to contribute to a 401(k) plan predicted whether... READ MORE

The Department of Labor (DOL) has announced a grant program intended to increase retirement security for low-wage workers — many of whom have never had access to retirement benefits through an employer.The program, which is being administered by the DOL’s Women’s Bureau, will help nonprofit... READ MORE

Public pension plans face sobering liabilities, and recently released data provides a look at funding and also where the states stand.Work to DoHalf the states’ pension plans are 70% funded or less, Bloomberg has reported based on data from 2014. The 10 states whose funding woes were the most acute... READ MORE

There is qualified good news for retirement plans based on results concerning second quarter and July performance, according to two recent analyses.Average 401(k) and IRA balances grew from the first to the second quarter of 2016, reports Fidelity Investments. Average 401(k) balances grew by almost... READ MORE

The IRS has updated the information it provides concerning making voluntary corrections when a plan has failed to make required minimum distributions (RMDs) to participants and beneficiaries.Specifically, the IRS has updated the information concerning two of the programs it offers under the... READ MORE

Defined contribution plans have grown and proliferated, while the converse has been true for the defined benefit universe. That’s not secret. But what may be more unusual is the argument BNY Mellon makes in a recent paper that applying the principles of DB plan administration can benefit DC plans.... READ MORE

This article originally appeared in the Summer 2016 issue of Plan Consultant.“Physician, heal thyself.” That Biblical maxim can be applied in other contexts as well. How about, “Teacher, instruct thy peers”? One teacher in Baltimore is following that advice by teaching his colleagues about... READ MORE