Blogs

Article | 5 min |
On the surface, retirement readiness did not suffer significantly in 2020, according to a close examination of the 1.1 million participants in 1,076 plans reviewed for a recent white paper. Of course, the market experienced significant dips in the first quarter of 2020, but results were broadly positive the rest of the year. Overall, year-over-year retirement readiness was down fewer than two percentage points — concerning, but not devastating. The paper, John Hancock’s State of the Participant 2021, examined data for the year ending September 30, 2020, digging deeper to see how participants...
Article | 5 min |
More than a year after the start of the pandemic, you may be pleased with the overall growth of the assets in your company retirement plan. After all, more assets generally mean better prospects for retirement security for your valued employees. But according to a recent triennial survey of wealth held by Americans, some may not be enjoying growth to the same degree as the overall population—nationally and at your company. The Employee Benefit Research Institute (EBRI) examined data from the Federal Reserve’s Survey of Consumer Finances (SCF) for the year ending 2019. True, that’s pre-COVID-19...
Article | 4 min |
The Department of Labor (DOL) released guidance in January 2021 that will help plan sponsors keep track of participants. Finding former employees who still have plan balances but no longer work for the company can be challenging. And losing track of them may be a fiduciary issue because of the “exclusive benefit” rule set down in ERISA. It requires that plans diligently seek to distribute assets, even to missing or unresponsive participants. Best Practices for Pension Plans is one of a set of three related publications released by the DOL on January 12, 2021. It provides information to help...
Article | 5 min |
Want to Improve Retirement Outcomes? Make Sure Employees Understand Social Security Basics New research reveals Americans have a significant knowledge gap regarding Social Security benefits. According to a recent survey 1, more than half of Americans express confidence that they know exactly how to optimize their Social Security benefits. However, only 6% actually understand all the factors that determine the maximum benefit someone can receive. In addition, the report highlighted additional knowledge gaps: A full 39% don’t know at what age they are eligible to receive their full benefits...
Article | 3 min |
For the past five years, Black Rock’s DC Pulse survey has helped identify trends in retirement and highlight the needs and concerns of savers. As we come out of COVID-19, it’s a timely lens into the mindset of savers and what’s needed going forward. A key focus of the 2021 DC Pulse survey was retirement income. Survey results indicate that workers have a strong desire for a retirement savings vehicle that can produce a predictable income stream throughout their retirement years. In fact, 81% of participants said it would be helpful if their employer-provided secure income-generating options in...