employer match

Hardship Distributions Surge: Strategies for a Troubling Trend
Team SummitEmployee Outcomes, Employer Resource Center, Fiduciary GovernanceComments are off for this post
More and more workers are taking hardship distributions from their 401(k) accounts, a recent report shows. Bank of America’s June 2023 Participant Pulse study reveals nearly 16,000 participants withdrew money to cover a financial hardship in Q2 of this year — up 36% compared to the same quarter in 2022. At the same time, the  Read More →
The Retirement Savings Glass Is Only Half Full For Women
Team SummitEmployee Outcomes, Employer Resource CenterComments are off for this post
According to recent data from the National Council on Aging and the Women’s Institute for a Secure Retirement, nearly half of women ages 25 and older lack access to a tax-advantaged, employer-sponsored retirement plan. Digging Deeper into the Data The top reported financial concerns among women, alongside insufficient retirement savings, include housing costs, Social Security,  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 →

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