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Category Archives: 401K
Benefits Barometer
A barometer measures atmospheric pressure. In the world of employee benefits, the pressures are ever-changing and ever-increasing. Whether dealing with health care reform compliance, meeting fiduciary obligations in your 401(k) plan or launching a wellness initiative, the pressures and demands of your job just keep growing. One pressure that never eases – for benefits pros and CFOs alike – is the demand for data. With that in mind, this year’s Benefits Barometer offers you more than a dozen charts designed to help you benchmark your benefits costs, health plans, retirement plans and overall benefits management. Special thanks to the agencies, consulting firms and advocacy groups that contributed to this year’s Benefits Barometer: Continue reading
Employers transition back to matching 401(k) funds
The good news: Most employers are reinstating 401(k) matches, after suspending or reducing them following the economic collapse in late 2008. The bad news: Not all employers have reinstated yet, and some that have are doing so at a lower percentage, Towers Watson announced yesterday.
According to the analysis, 75% of 260 employers that suspended their 401(k) matching contributions have now restored them. Among those employers, about three in four (74%) reinstated the matching contributions to their previous level, while 23% of employers restored them at a lower rate. Just 3% increased their matching contributions to a higher rate. The most frequent employer match formula before and after the suspension matched 50% of employees’ salary deferrals, up to 6% of pay. The median duration for match suspensions was 12 months.
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DOL issues final rules on 401(k) investment advice
By Lee Barney
October 25, 2011
The Department of Labor on Monday issued final rules on investment advice in 401(k) plans, largely in line with its initial definition of advice.
Defined contribution plans may offer advice from a third-party as long as that entity receives level fees regardless of their recommendations, or through a certified computer model. In both cases, the advice must use generally accepted investment theories based on historical risks and performance of different asset classes over defined periods of time.
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New BLS data gives employers new information on employee health and wealth
Among the data published for health benefits, the report finds that 76% (of the 3,200 employers surveyed) enrolled in medical plans are in fee-for-service plans while the remaining 24% are in HMOs. The median deductibles in fee-for-service plans were $500 for individuals and $1,000 for families. The median out-of-pocket maximums were $2,000 for individuals and $4,000 for families. HMOs had the same medians for out-of-pocket expenses as the fee-for-service plans.
On the retirement side Continue reading
Few baby boomers financially prepared for retirement
They may long to give up their daily commutes and have wide-open schedules, but far too many baby boomers are largely unprepared to leave their jobs, according to a new
report by the Insured Retirement Institute.
Only 54% have tried to calculate a financial goal for retirement, just 45% have consulted
with a financial planner and 43% do not consider themselves knowledgeable about
making financial investments, according to the report
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Posted in 401K
Tagged Boomers, financial planning, retire, retirement, retirement savings
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