Employee Outcomes

Portability Services Network Expands Impact
Team SummitEmployee Outcomes, Employer Resource Center, Fiduciary Governance, Plan Operations & AdminComments are off for this post
According to a recent release, the Portability Services Network (PSN), which began with three of the biggest recordkeepers in the country just over a year ago, has now grown to include three additional providers, covering over 15,000 retirement plans and 5 million members. For employees with balances under $7,000, PSN, led by Robert L. Johnson’s  Read More →
New 401(k) Rules: Balancing Access and Savings
Team SummitEmployee Outcomes, Employer Resource Center, Fiduciary Governance, Plan Operations & AdminComments are off for this post
When considering short-term funding options, participants are often advised to avoid tapping into their 401(k) accounts through loans or hardship withdrawals, as early withdrawals can impede long-term retirement savings. However, the SECURE 2.0 Act of 2022 has introduced more penalty-free emergency withdrawal provisions, offering increased liquidity and flexibility within 401(k) plans. While some see this  Read More →
Increasing 401(k) Balances Can Bring Increased Stress
Team SummitEmployee Outcomes, Employer Resource CenterComments are off for this post
By the second quarter of this year, the number of “401(k) millionaires” rose 2.5% from Q1, marking a record high according to Fidelity. At the same time, retirement savers overall experienced three consecutive quarters of growth — and that’s good news for many investors. However, a Vanguard analysis of its plans also shows a concerning  Read More →

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