Retirement

Legislative milestone: ERISA turns 50

09/03/2024

Among other things, ERISA requires sponsors of private employee benefit plans to provide participants and beneficiaries with adequate information regarding their plans. In addition, employer representatives who manage benefit plans must meet certain fiduciary standards of conduct.

Retirement-savings research: How to enhance your retirement benefits and encourage employees to save

08/14/2024

Balances of defined-contribution retirement plans such as 401(k)s and 403(b)s grew significantly between 2019 and 2021, according to a new study by the Public Retirement Research Lab. Whether your organization operates in the public or private sector, the study offers some key takeaways HR professionals can use to encourage employees to contribute to their defined-contribution retirement plans.

401(k) balances up 17% year over year

05/20/2024

The Bank of America Institute crunched the numbers, concluding that employees are contributing slightly more to their 401(k)s while borrowing against their funds less.

Survey: Most employees confident about their retirement readiness

05/13/2024

Two-thirds of employees say they are very or somewhat confident they will have enough money to live comfortably in retirement, according to the 34th annual Retirement Confidence Survey conducted in January by the Employee Benefit Research Institute and Greenwald Research.

7 tips for holding on to older workers nearing retirement age

03/20/2024

In today’s tight labor market, retention is more important than ever. If you have employees nearing retirement age, consider making an extra effort to hold onto them. You might find them more than willing to stay on the payroll.

Factor retirement boom into staffing plans

03/04/2024

A post-COVID retirement boom is sweeping the nation, a trend that’s likely contributing to today’s ongoing tight labor market.

Retirement: What HR pros need to know about SECURE 2.0

01/24/2024

The SECURE 2.0 Act of 2022, which went into effect Jan. 1, is the latest overhaul of the nation’s retirement planning laws. Here’s what you need to know.

Help Gen X employees close retirement wealth gap

01/02/2024

Many of your Generation X employees may be woefully unprepared to retire comfortably, according to an annual survey of 2,000 investors by the Schroders financial services firm. The Schroders 2023 U.S. Retirement Survey found that Gen Xers, currently ages 43 to 58, have the largest wealth gap of any generation.

Defined-benefit plans make a modest comeback

12/19/2023

Since defined-contribution retirement accounts like 401(k) plans were created in 1978, they have become by far the most common kinds of employer-sponsored retirement benefits, almost completely replacing traditional defined-benefit pensions.

Lawsuits question use of 401(k) plan forfeitures

11/21/2023

Earlier this year, the IRS issued proposed regulations giving 401(k) plan administrators discretion to determine how the plan uses forfeited contributions. The regs didn’t go out on a limb; plan administrators have been using this discretion for years. But maybe not for much longer, if plaintiffs in two lawsuits have their way.