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The Road to 15%: Helping Employees Navigate Toward Retirement Readiness
Team SummitEmployee Outcomes, Employer Resource Center, Fiduciary Governance, Plan Operations & AdminComments are off for this post
Many advisors recommend saving 15% of pre-tax earnings, including any employer match, to prepare for a secure retirement — but to accomplish this, timing is crucial. According to Forbes, savers need to begin by age 35 to retire comfortably by age 65; to retire by age 62, they’d need to get started by 25. Looking  Read More →
Closing the Auto-Escalation Gap
Team SummitEmployee Outcomes, Employer Resource Center, Fiduciary Governance, Plan Operations & AdminComments are off for this post
High participation rates don’t always translate to high deferral rates. According to the 2022 Callan Defined Contributions Trend Survey, three-quarters of DC plans offer auto-enrollment, while only two-thirds provide an auto-escalation feature. This discrepancy is concerning, as deferral increases over time are critical in helping participants achieve their retirement savings goals. Stagnant contribution levels contribute  Read More →
SECURE Act 2.0: Modernizing Retirement Savings
Team SummitEmployee Outcomes, Employer Resource Center, Fiduciary Governance, Plan Investments, Plan Operations & AdminComments are off for this post
In December of 2022, the U.S. Congress passed the Consolidated Appropriations Act, 2023, which contains a large section covering retirement referred to as SECURE 2.0. As a reminder, SECURE 2.0 is seen as building upon or enhancing the Setting Every Community Up for Retirement Enhancement Act of 2019 (the SECURE Act). Like its precursor, this  Read More →

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