401K Programs and The Continuing Challenges of Participant Retirement Readiness

One year removed from the “lost decade” of retirement savings, participant balances are still struggling to rebound to their pre-2008 levels. Questions about the economy in the unfolding decade persist, as do questions about the effectiveness of the 401(k) plan as the primary savings vehicle for millions of Americans.

Retirement security (or the lack of it) cannot be pinned solely to the successes or failures of 401(k) plans, employers, or even participants. After all, the 401(k) plan was not intended to be the sole (or even primary) retirement vehicle. As the prevalence of employer-sponsored defined benefit plans is declining and concerns about the future of Social Security are increasing, employees and retirees feel a need to stretch the 401(k) plan further than it was ever intended to go.

At the same time, other components of retirement security haven’t cooperated. The cost of healthcare rises seemingly as quickly as 401(k) balances have dropped, and employer-provided retiree healthcare benefits are even more scarce than defined benefit pension plans. When combined with record levels of personal debt, high unemployment and low levels of personal savings, it creates a difficult and worrisome picture of retirement readiness.

Did you know… only 15% of employers / plan sponsors today feel that most of their plan participants will be financially prepared for retirement? What are they doing to improve the situation? We'll discuss:
Join this session to understand:

• Why retirement readiness is a growing problem, including stagnation of participant accounts, employee participation and contribution rates.• The effects of fee disclosure regulations on plan participants and employers, and HR can help communicate 401(k) fees to employees.

• New ways retirement providers are helping sponsors improve retirement readiness, including guaranteed income funds and use of social media to engage participants.

Hear results of Deloitte's latest 401(k) survey and how plan sponsors and providers are addressing employee retirement readiness.

This session is open to all HR Professionals

• Why retirement readiness is a growing problem, including stagnation of participant accounts, employee participation and contribution rates.
• The effects of fee disclosure regulations on plan participants and employers, and HR can help communicate 401(k) fees to employees.
• New ways retirement providers are helping sponsors improve retirement readiness, including guaranteed income funds and use of social media to engage participants.

Annual 401(K) Benchmarking Survey Click here

		Scott Cole Deloitte Consulting View Profile

		Cheryl Ouellette Deloitte Consulting View Profile

		Stacy Sandler Deloitte Consulting View Profile