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Publisher: BenefitsPRO
Author: No AuthorIRS sets 'withdraw limits' on new 401(k)-linked emergency savings accounts | BenefitsPRO
The IRS has issued initial guidance to help plan sponsors implement the new pension-linked emergency savings accounts - and is open to comments in order to limit participant abuse of sidecar account matching contributions.The IRS has issued initial guidance to help plan sponsors implement the new pension-linked emergency savings accounts - and is open to comments in order to limit participant abuse of sidecar account matching contributions.Tags: emergency savings
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Publisher: 401(k) Specialist
Author: Thomas Hawkins4 Retirement Initiatives Vital to Closing the Racial Wealth Gap
Thomas Hawkins explains how plan sponsor support of four specific retirement initiatives is vital to closing the racial wealth gapThomas Hawkins explains how plan sponsor support of four specific retirement initiatives is vital to closing the racial wealth gapTags: emergency savings, financial wellness, automatic features, participant outcomes, match
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Publisher: PLANSPONSOR
Author: No AuthorHow Plan Sponsors Can Address Declining Retirement Confidence in 2024 | PLANSPONSOR
Plan sponsors should consider diversifying their fixed-income allocations in their investment menus, as well as exploring optional SECURE 2.0 provisions, to improve retirement readiness, according to MFS.Plan sponsors should consider diversifying their fixed-income allocations in their investment menus, as well as exploring optional SECURE 2.0 provisions, to improve retirement readiness, according to MFS.Tags: investment options, retirement readiness, secure 2.0
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Publisher: PLANSPONSOR
Author: No AuthorGen Z Employees Seek More Personalized, Year-Round Benefits Experience | PLANSPONSOR
New MetLife data suggests that employers should re-evaluate their benefits strategies with this cohort’s needs in mind.New MetLife data suggests that employers should re-evaluate their benefits strategies with this cohort’s needs in mind.Tags: additional benefit, participant education, participant communication, gen-z
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Publisher: BenefitsPRO
Author: No AuthorTroubling 401(k) trend: Raiding retirement savings with hardship withdrawals | BenefitsPRO
Despite consistent contribution levels, many participants have been increasingly tapping their retirement savings - and avoiding foreclosure and paying medical expenses were given as the top two reasons, says Fidelity.Despite consistent contribution levels, many participants have been increasingly tapping their retirement savings - and avoiding foreclosure and paying medical expenses were given as the top two reasons, says Fidelity.Tags: financial wellness, hardship, participant behavior, loans
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Publisher: BenefitsPRO
Author: No AuthorBetter 401(k) behavior: 25 ways to 'nudge' employees to sock more money away | BenefitsPRO
Drip marketing works. That’s why employers need to continually show employees more and more reasons why they should save for retirement, using a variety of signs, email campaigns and text messaging.Drip marketing works. That’s why employers need to continually show employees more and more reasons why they should save for retirement, using a variety of signs, email campaigns and text messaging.Tags: participant education, participant communication, financial wellness, retirement savings
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Publisher: 401(k) Specialist
Author: Editorial StaffIRS Proposes New LTPTE Regulations for 401(k)s
The IRS has issued proposed guidelines for a SECURE Act rule change regarding long-term, part-time employee participation in 401(k) plans.The IRS has issued proposed guidelines for a SECURE Act rule change regarding long-term, part-time employee participation in 401(k) plans.Tags: secure 2.0, long term part time, plan administration, plan design, legislation
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Publisher: PLANSPONSOR
Author: No AuthorHow Social Media Influences Plan Sponsors' Communication | PLANSPONSOR
When crafting messages for up to five generations of workers, a more succinct, informal approach can help ‘maximize the exposure.’When crafting messages for up to five generations of workers, a more succinct, informal approach can help ‘maximize the exposure.’Tags: participant communication, employee communication
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Publisher: PLANSPONSOR
Author: No AuthorWhich Matters More When Recruiting, Wages or Benefits? | PLANSPONSOR
Employers often have to choose between competitive wages and a robust retirement package, according to panelists at a DCIIA conference. Their choice may influence what kind of workers they attract.Employers often have to choose between competitive wages and a robust retirement package, according to panelists at a DCIIA conference. Their choice may influence what kind of workers they attract.Tags: additional benefit, participant behavior, recruiting and retention
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Publisher: PLANSPONSOR
Author: No AuthorGen Z, Millennials to Seek Employer Support for Retirement Savings in 2024 | PLANSPONSOR
Despite dealing with the most debt of any current generation, Gen Z and Millennial workers value saving for retirement and are the most likely to use workplace-provided advice services.Despite dealing with the most debt of any current generation, Gen Z and Millennial workers value saving for retirement and are the most likely to use workplace-provided advice services.Tags: gen-z, participant behavior, retirement savings
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Publisher: The Wagner Law Group | The Wagner Law Group
Author: No AuthorPrepare for Upcoming Changes to Defined Contribution Plans Long-Term, Part-Time Employees
Blog: Prepare for Upcoming Changes to Defined Contribution Plans Long-Term, Part-Time Employees | The Wagner Law Group is a boutique law firm handling ERISA & Employee Benefits legal matters.Blog: Prepare for Upcoming Changes to Defined Contribution Plans Long-Term, Part-Time Employees | The Wagner Law Group is a boutique law firm handling ERISA & Employee Benefits legal matters.Tags: participant communication, secure 2.0, long term part time, plan administration, plan design
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Publisher: 401(k) Specialist
Author: Amanda UmpierrezThis Open Enrollment Season, Don't Expect Workers to Review Retirement Savings
Only 44% of workers will review retirement contributions during open enrollment season, finds a new survey by Corebridge and Morning Consult.Only 44% of workers will review retirement contributions during open enrollment season, finds a new survey by Corebridge and Morning Consult.Tags: participant behavior, employee enrollment, employee behavior
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Publisher: PLANSPONSOR
Author: No AuthorEmployers Largely Underestimate Employees’ Caregiving Responsibilities | PLANSPONSOR
While working caregivers tend to have little in emergency savings and often retire early, employers’ benefit offerings are misaligned with what caregivers want and need, new TIAA research shows.While working caregivers tend to have little in emergency savings and often retire early, employers’ benefit offerings are misaligned with what caregivers want and need, new TIAA research shows.Tags: caregiving, financial stress, employee wellbeing
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Publisher: PLANSPONSOR
Author: No AuthorTime to Shine: Plan Sponsors Must Optimize Open Enrollment Window
Most participants procrastinate in reviewing their benefits, and many do it quickly. Plan sponsors need to communicate effectively and leverage educational tools, according to Voya.Most participants procrastinate in reviewing their benefits, and many do it quickly. Plan sponsors need to communicate effectively and leverage educational tools, according to Voya.Tags: participant communication, employee communication, employee enrollment, employee behavior
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Publisher: BenefitsPRO
Author: No AuthorThe 401(k) plan, reimagined: Key SECURE 2.0 changes that take effect in 2024
Aside from the wealth of provisions offering everything from tax credits to reduced administrative burdens, the new law will be critical in building savings for part-timers, nonprofit workers and those saddled with student debt.Aside from the wealth of provisions offering everything from tax credits to reduced administrative burdens, the new law will be critical in building savings for part-timers, nonprofit workers and those saddled with student debt.Tags: secure 2.0
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Publisher: 401(k) Specialist
Author: Brian Anderson, Editor-in-ChiefPlan Sponsors Look for Personalized Solutions to Help Participants Reach Retirement Readiness
Plan sponsors looking for personalized solutions to help participants reach retirement readiness, new Cerulli white paper findsPlan sponsors looking for personalized solutions to help participants reach retirement readiness, new Cerulli white paper findsTags: financial wellness, financial stress, planning, managed accounts
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Publisher: 401(k) Specialist
Author: Thomas HawkinsNo One is Coming to Save You From Missing Participants
No one is coming to save plan sponsors from the scary problem of missing participants, but steps can be taken to minimize the incidenceNo one is coming to save plan sponsors from the scary problem of missing participants, but steps can be taken to minimize the incidenceTags: missing participants, fiduciary responsibility
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Publisher: USA TODAY
Author: No AuthorHow does the U.S. retirement system stack up against other countries? Just above average.
U.S. retirement gets a C+ in a global study. See which countries topped the list and which faltered.U.S. retirement gets a C+ in a global study. See which countries topped the list and which faltered.Tags: 401k, retirement plan options, benchmarking
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Publisher: SHRM
Author: Kathy GurchiekGeneration Z Eyes Early Retirement, Wants Personalized 401(k) Advice
​Workers ages 21 to 26 want to retire at age 61. However, these Generation Z members say inflation, monthly bills and unexpected expenses are among the obstacles to saving for a comfortable retirement, according to a new Schwab study.​Workers ages 21 to 26 want to retire at age 61. However, these Generation Z members say inflation, monthly bills and unexpected expenses are among the obstacles to saving for a comfortable retirement, according to a new Schwab study.Tags: gen-z, advice, retirement age
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Publisher: BenefitsPRO
Author: No AuthorThe 3 top 401(k) fiduciary liability mistakes (and how to avoid them) | BenefitsPRO
Litigation is on the rise around employer retirement plans, so an understanding the most common mistakes made by others is a great way to avoid losses for both your employees and your organization.Litigation is on the rise around employer retirement plans, so an understanding the most common mistakes made by others is a great way to avoid losses for both your employees and your organization.Tags: fiduciary responsibility, best practices
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