Get the latest retirement plan industry news, education and tips you need to know to help navigate your fiduciary responsibilities. Contact your Plan Consultant with any questions.
The relationship we forge with our future selves can greatly impact financial decision making in the present. Research reveals that subjects with a stronger connection to their future selves are more likely to delay gratification and make more prudent financial choices. But how can plan sponsors help employees make the connection?
A retirement plan may have one or more fiduciaries who have distinct responsibilities, though many individuals and committees may serve in multiple fiduciary roles. Here is a brief overview of the categories of fiduciaries.
From recent college grads struggling with student debt to seasoned professionals planning an imminent retirement, participants’ financial needs and goals are as diverse as the workforce they’re part of. In response, many organizations have chosen to implement a multi-faceted financial wellness offering. However, the question remains: how do you ensure participants connect with the resources that most closely align with their individual needs?
The advent of generative artificial intelligence (AI) technology, such as ChatGPT, promises to transform the way businesses operate across sectors. Yet as quickly as novel applications and abilities surface, so does more evidence of the limitations and shortcomings of large language models. Plan sponsors can harness the immense power and utility of generative AI to provide better support to plan participants, but they must do so only after putting prudent processes and safeguards in place.
When you’re a plan fiduciary, you are, of course, prioritizing what ERISA law requires of you. You have a checklist of Must-Dos. But there is also a list of things that you can do proactively that will keep the plan—and plan fiduciaries—out of trouble. These tasks aren’t required by law, but they are certainly worth deciding whether you want them to be on your Should-Do list.
Across the nation, more and more workers are expecting to postpone retirement. In fact, a survey by the Nationwide Retirement Institute shows that 40% of older employees plan to retire later than anticipated because of inflation. And delays don’t just affect employees — more than a third of employers are concerned about increased health and benefit costs, negative impacts on their staff’s mental health and barriers to hiring new talent.