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Millennials and Gen Z: Lower the retirement age!

More than half of millennial and Gen Z workers surveyed—51%—want to lower the full retirement age.

Retirement plan fiduciaries to pay more than $124 million for mismanaging profit sharing

Fiduciaries of a retirement plan sponsored by an IT outsourcing firm—including the plan’s investment advisors—will pay more than $124.6 million to resolve violations of federal law related to their failure to properly manage the profit-sharing portion of the plan.

4 generations of employees face differing retirement realities

The Transamerica Center for Retirement Studies recently surveyed members of four generations that make up the American workforce these days—Generation Z, millennials, Generation X and baby boomers. The topic: retirement expectations. Unsurprisingly, their views differ.

SECURE 2.0: Is it the answer to both the retirement crisis and employee retention?

With HR struggling to boost retention numbers, some experts believe SECURE 2.0 provides part of the solution. “SECURE 2.0 is the most sweeping legislation we have seen in the retirement industry,” said Mike Griffin of UBS Workplace Health Solutions.

Encourage employees to save for retirement

If your company offers a retirement plan, mentor your team members and encourage them to participate. And if not, you can still encourage them to save via the various programs available.

Survey: Americans much less confident about retirement security

Americans are increasingly worried they won’t have enough money saved to retire comfortably, according to the Employee Benefits Research Institute’s 2023 Retirement Confidence Survey. A major concern: the effects of inflation on their retirement plans.

Biden’s first veto preserves ESG retirement plan fiduciary rule

President Biden saved his first use of the presidential veto pen for an issue affecting HR. On March 20, he vetoed a bipartisan congressional resolution that would have overturned a Department of Labor rule that allows retirement plan fiduciaries to weigh environmental, social and governance factors when deciding how to invest plan funds.

Younger workers’ 401(k) balances grew fastest between 2016 and 2020

Overall, increases reflect a compound annual average growth rate of 19.4%, with the average account balance rising from $78,008 at the end of 2016 to $158,361 at the end of 2020.

4 steps to motivate employees to start saving for retirement

Benefits professionals struggle constantly to convince employees they need to start saving for retirement. Snap them back to reality by helping them figure out exactly how much they need to sock away to pay for their needs once they stop working. Walk employees through this savings calculation the next time you talk up your 401(k) or 403(b) plan.

One-third lack any retirement savings whatsoever

New research confirms long-held concerns about the nation’s retirement readiness: Fully 32% of working-age Americans—about 58 million—have no retirement savings at all.