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Employers Help Meet Retirement Goals
Aon Hewitt’s recent survey of more than 200 companies found that only 38 percent of employers have confidence that employees are taking responsibility for their financial future, down from 43 percent a year before. Further, only 30 percent are confident than workers will be sufficiently prepared for retirement.
To increase the likelihood that employees will be prepared, companies are adding features like automatic enrollment (57 percent of plans), automatic contribution increases (47 percent of plans) and automatic rebalancing (almost 50 percent of plans).
Employers are also adding a Roth 401(k) contribution feature to their plans. One-third of plans offer this option, and of those that do not, 38 percent said they would add the option this year.
Related Aon Hewitt research indicates that many workers are not maintaining a diversified portfolio of investments, are assuming unreasonable levels of risk and don’t rebalance their portfolios on a regular basis. To address these areas of concern, employers are looking to add online investment guidance and offer managed accounts.
Find the survey results at http://tinyurl.com/AonHewittSurvey.