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  Studies
  • Ready, Set, Retire: Defined Contribution Plans and Retirement Readiness
    The 2014 Towers Watson Defined Contribution Plan Sponsor Survey notes that defined contribution plans have come a long way in helping workers build adequate retirement savingsóbut many employers remain concerned that their employees will not be ready to retire as planned.

    Some key findings:
    • Automatic enrollment in DC plans is commonplace, but companies are missing opportunities to increase its value by adding automatic deferral increases. More than two thirds of companies (68 percent) offer automatic enrollment to at least some of their workers, but far fewer automatically reenroll non-contributors or those deferring less than the default amount. Of the companies that offer automatic enrollment, only 35 percent mandate automatic escalation.
    • Employee knowledge and confidence gaps are barriers to saving. Only 12 percent of companies say their employees know how much to save, and just 20 percent believe their employees are comfortable making investment decisions.
    • Improving communication and adding new approaches will be a top priority in the next two to three years. To address the shortfall in employee knowledge, most companies say they will devote more attention to employee education and communication.
    Read the Study
  • One-Third of Americans Have Never Increased Their Retirement Plan Contribution Rate
    A new TIAA-CREF survey reveals that 36 percent of Americans who contribute to an employer-sponsored retirement plan have never increased the percentage of their salary they contribute to their company's plan. More findings:
    • 57 percent of workers did not increase their plan contribution after their last raise. The most common reason cited for not doing so was an immediate need to pay expenses. On the positive side, 25 percent of respondents who didnít increase their contributions after their last raise said the reason was because they were already contributing the maximum amount to their retirement plan.
    • 37 percent of respondents who were not automatically enrolled in a plan reported that they waited six months or longer to enroll, and one in four employees (24 percent) waited a year or more.
    Read the News Release
  • Retirement Made Simpler Survey of Employee Sentiments on Saving for Retirement
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