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Schwab Retirement Plan Services Releases Online Financial Guide
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$1M Is No Longer the Standard Nest Egg – Here s How Much Most Americans Think You Actually Need To Retire
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What You Need to Know
Fifty-three percent of 401(k) plan participants expect to achieve their retirement goals, Schwab s annual survey found.
The stress created by the pandemic highlighted the importance of financial wellness and trusted advice.
Many workers want more guidance on retirement planning and savings, and many are looking to other workplace benefits that support financial security.
Employees’ confidence about achieving their retirement goals has risen sharply since last year, and so has their appetite for financial advice, Schwab Retirement Plan Services reported this week.
Schwab’s annual nationwide survey of 401(k) plan participants found that 53% expect to achieve their retirement goals, compared with 37% in 2020. On average, plan participants believe they will need to save $1.9 million for retirement, the same amount as in 2020.
What to Know Before Adding an SDBA to Your Plan
Self-directed brokerage accounts offer a multitude of options to the hands-on investor, but there are pros and cons of allowing retirement plan participants to use them.
Reported by
As more participants engage with their investments and take a more hands-on approach, sources say self-directed brokerage accounts (SDBAs) are becoming increasingly popular.
The accounts allow investors who are enrolled in a defined contribution (DC) retirement plan to access mutual funds, stocks, bonds, exchange-traded funds (ETFs) and more. SDBAs allow participants to select investments outside of the core menu lineup, explains Nathan Voris, senior managing director of business strategy at Schwab Retirement Plan Services. “It provides a window for 401(k) participants to access a much broader component of the market versus what has been a traditional core menu for the 401(k),” he says.
Eddy winners recognized for communications excellence
Print
Pensions & Investments will recognize 68 winning communication campaigns with an Eddy Award at its upcoming Defined Contribution Spring Virtual Series in March.
Communication campaigns competed in six categories: plan conversions/403(b) consolidations, financial wellness, plan transitions, pre-retirement preparation, ongoing investment education and special projects. Plan sponsors and service providers associated with the winning entries will be recognized during the virtual conference March 8-11. First-place winners in each category are listed below. The full list of winners will be published in
P&I and at pionline.com on March 22.
Conversions
In the conversions/403(b) consolidations category, Nestle received a first-place award for corporate plans with more than 5,000 participants, while ND Paper received a first place for corporate plans with 1,000 to 5,000 participants (service provider: Principal). Three other fi
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