Blogs

A survey of fiduciary liability insurance carriers offers insights on prioritizing and managing fiduciary duties. In the spring of 2021, Aon Investments surveyed 12 top carriers for fiduciary liability insurance to better understand how plan management typically impacts pricing for fiduciary liability insurance. The ultimate goal was to identify the biggest sources of fiduciary risk within the control of fiduciaries for Employee Retirement Income Security Act of 1974 (ERISA) defined benefit and defined contribution plans. Survey findings were published in Aon’s July 2021 white paper, “ What...

Still, one study conducted early in 2020, the 30th Annual Retirement Confidence Survey conducted by the Employee Benefits Research Institute (EBRI) and discussed in their Issue Brief dated June 8, 2020, provides some interesting information. Companies striving to help women achieve a secure retirement may be particularly interested. Women face different challenges in saving While overall retirement confidence was high, women expressed less confidence in their future retirement security than their male counterparts. The problems women face in preparing for retirement tend to be different than...

Nearly one-third of retirement plan recordkeepers expect to increase their cybersecurity staff, according to a recent survey. According to findings in the latest Cerulli Edge U.S. Retirement Edition, the threat of retirement account fraud has increased in recent years — particularly during the remote work environment. As a result, 31% of plan recordkeepers intend to increase staffing capacity to address cybersecurity initiatives. According to the Cerulli report, the Internet Crime Control Complaint Center of the Federal Bureau of Investigation reported 791,790 cybercrime complaints in 2020 — a...

Life involves risk. One of them is retirement, and whether the money we save to fund it will last. Do your employees understand their risk, and actions they can take now to manage it? A recent survey found that retirement security may be threatened by these four risk factors: longevity, behavior, market conditions and inflation. The survey found a disconnect between each of these risks and participants’ actions. While that’s a concern, it’s also an opportunity to structure communications to clarify the connection. Risk #1: Longevity 2020, life expectancy for the average American is roughly 79...

Before the pandemic struck, sponsors of U.S. defined contribution plans were realizing the benefits of calling outside assistance for guidance. Even more seem to be doing so today. Relying on consultants and financial professionals for the very specialized help they provide can help sponsors weigh options. What’s more, it may provide a level of protection for those with authority over the plan, and may improve the plan’s performance. The 2020 Inside the Minds of Plan Sponsors survey found that 58% of plan sponsors rely on a consultant or financial professional — up 16% from the prior survey...