It’s no secret that human resources professionals and CEOs have a lot going on. Each day, they are pulled in many directions, from managing health benefits to recruiting employees.
As plan sponsors they may find it more difficult to juggle a healthy, successful retirement plan on top of these obligations. But it’s crucial for plan sponsors to give employees extra attention in this area, as many workers are falling short of their retirement savings needs. In 2015, the average 401(k) plan account balance was $73,357, and the median balance was $16,732. Approximately 41 percent of participants had account balances of less than $10,000, while about 19 percent had balances above $100,000, varying by factors like age, asset allocation and contribution rates.
The good news is, an effective retirement plan isn’t out of a plan sponsor’s reach—with an organized course of action and the help of a plan advisor, plan sponsors can help employees save adequately and be prepared for retirement. Read on to learn about the three ways to a healthier plan.
https://sheridanroad.com/v3/wp-content/uploads/2016/03/sheridanroad-logo75.png00Sarah Glowiakhttps://sheridanroad.com/v3/wp-content/uploads/2016/03/sheridanroad-logo75.pngSarah Glowiak2018-12-31 12:07:072018-12-31 12:07:07Get Well | 3 simple ways to kickstart a healthy 401(k) plan
According to Morningstar’s 2013 Target Date Series Research Paper, over 92% of the open-ended mutual fund target date assets reside at just 10 money management firms. Of those 10 money managers, 8 offer record keeping services. This white paper offers a road map to help plan sponsors determine whether the current target solution is the appropriate choice.