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Retirement Made Simpler News
June 9, 2008
Keeping up with the world of automatic 401(k)s just got easier. Each issue of Retirement Made Simpler News delivers important research, updates and success stories to your inbox.
Retirement Made Simpler is a partnership of AARP, the Financial Industry Regulatory Authority (FINRA) and the Retirement Security Project.
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Recent Research
The 2008 Retirement Confidence Survey: Americans Much More Worried About Retirement, Health Costs a Big Concern
The Employee Benefit Research Institute’s (EBRI) 2008 Retirement Confidence Survey
Offers dramatic evidence of the need for more aggressive action by the private sector – such as widespread adoption of automatic 401(k) plans by employers – if American workers are going to be sufficiently prepared for retirement. The survey shows a retirement system in transition:
Americans’ confidence in their ability to afford a comfortable retirement has dropped to its lowest level in seven years, reflecting worries about health costs, the economy, and home values, with decreases particularly acute among younger workers and those with lower income. The percentage of workers very confident about having enough money for a comfortable retirement decreased sharply, from 27 percent in 2007 to 18 percent in 2008, a decline of 9 percentage points and the biggest one-year drop in the 18-year history of the survey.
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New Study Shows Overwhelmingly Positive Employee Endorsement of Automatic Enrollment in 401(k) Plans: Most Feel it Makes Saving for Retirement Easier
A new study conducted by Harris Interactive® on behalf of Retirement Made Simpler (RMS) found that 98 percent of U.S. adults currently enrolled in an automatic 401(k) plan are glad their companies offer this savings vehicle, with nearly four in five (79 percent) of them expressing strong agreement.
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Survey Results
Implementing Your Automatic 401(k)
Success Story
An automatic 401(k) plan helped this horticultural company increase their plan participation to nearly 95 percent. By implementing a plan based on best practices, BallHort employees are now saving more for their retirement.
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What to Look For in an Automatic 401(k) Plan Service Provider
Choosing a service provider for your 401(k) plan is a fiduciary action, so you need to undertake any provider-related decision with great care.
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Don’t Lose Sleep over Automatic Investments Federal Law Offers Fiduciary Relief to Automatic 401(k) Plan Sponsors
All investors face the risk of losing money. It’s enough to keep some people up at night. The risk is especially troubling to 401(k) plan sponsors, some of whom may be concerned that participants might sue them if their investments lose money. Sponsors can rest easier by following regulatory guidelines to reduce their exposure. But, until passage of the Pension Protection Act of 2006 (PPA), this “fiduciary liability” relief did not apply to sponsors of automatic 401(k) plans.
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Automatic 401(k)s in the News
TSP Wants Agencies to Automatically Enroll New Employees
A substantial number of federal employees never get around to joining the Thrift Savings Plan, a 401(k)-type savings program for retirement. Now, the TSP hopes to change the rules, so that new employees would be automatically enrolled by their agencies.
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