Retirement Plan Newsletters
Relevant news, updates and resources for retirement plan sponsors and fiduciaries.
In the September 2020 issue of the Sikich Retirement Plan Services newsletter, please see articles with discussions on:
Good News 401(k)
T. Rowe Price has done a deep dive into its recordkeeping data and surfaced with a few important points and trends. Their “Reference Point Report” shows the current trends in retirement plans that can significantly impact plan design and information on financial wellness programs that will keep participants on track for their future retirement. Please review the September Sikich Retirement Times newsletter for more information found in this comprehensive report.
More Good News
Scoring the Progress of Retirement Savers, a recent report by Empower shows that the median projected income replacement among participants in their study was 64%. In other words, Americans are on track to replace 64% of their current income in retirement. The current Sikich Retirement Times newsletter will expand on this good news.
Have You Ever Considered Offering a Phased Retirement Program?
Phased retirement includes a range of flexible retirement approaches that would allow employees approaching normal retirement age the option to reduce the hours worked while phasing into complete retirement. For employees, phased retirement may be seen as a benefit by many older workers. It allows them to gradually ease into retirement while maintaining a higher income than they would receive if they quit work entirely. It could also help employees prepare for greater retirement readiness. Find out more about this program in the September issue of the Sikich Retirement Times.
Are You Hearing About Financial Wellness?
Employers have heard a lot about financial wellness. However, employers don’t always recognize the connection between financial wellness and improved retirement savings behavior as well as a more productive workforce overall. This is becoming an important feature that plan sponsors are adding to their current retirement plan. This and much more can be found in the September issue of the Sikich Retirement Times.
Request An Assessment
Fill out the form and our RPS team will schedule a free assessment of your current plan and/or a consultation to discuss designing a new one.