Plan Sponsor Study
Exploring Plan Sponsors' Commitment to Retirement Preparedness
Human Resources and Benefits professionals can face a great number of challenges in creating a strong retirement program. In HR Perspectives: A Survey of Larger 401(k) Plans, we take a look at these challenges and help sponsors assess how well their plans are helping participants prepare for retirement.
Focus on Three Key Areas:
99% of plan sponsors agree that they have a duty to prepare employees for retirement
51% of plans don't measure participant progress toward retirement preparedness
66% of sponsors who measure progress feel better about employees' retirement preparedness
How Metrics Can Affect Retirement Preparedness
Our study finds that plans sponsors who set specific goals for participant retirement readiness--and have metrics in place to measure them--are more likely to achieve their goals.
How the Relationship with Retirees Is Changing
Does retirement planning stop at retirement? The employer-employee relationship is evolving toward a continuum of service beyond retirement.
How Plans Combat Big Savings Challenges
Plans are adding financial wellness programs and other tools and resources to address the potentially adverse effects that loans, hardship withdrawals, and cashouts may have on employees' retirement preparedness.
Article Resources
How Plan Sponsors of Larger 401(k) Plans Are Aiming for Retirement Preparedness: A Human Resources Perspective
85% of plan sponsor indicate that helping employees save for a financially secure retirement is a major goal of their 401(k) plan.
Contact your T. Rowe Price representative to find out how we can take your plan to the next level.