News & Information

 

FEATURED PRODUCT

CCH's Law, Explanation and Analysis of Health Care Reform Legislation
Get full explanation and analysis of every aspect of health care reform legislation. These legislative changes will imminently impact thousands of employers, private insurance providers, and the Medicare and Medicaid programs. Pre-order today and save $20!

Learn More »

CCH® PENSION — 5/9/08

Seven Out Of Ten Employers Offer Retirement Or Financial Planning To Employees

From Spencer's Benefits Reports: A new survey from the International Foundation of Employee Benefit Plans (IFEBP) has found that 70% of respondents offered some type of retirement or financial planning initiative, education or program for employees or participants.

The survey, Retirement and Financial Planning Programs, examines the types and formats of retirement and financial planning programs that employers offer to their employees. It also addresses the topics covered by formal retirement planning programs, and the programs’ availability and eligibility requirements.

Pat Krajnak, director of reference/research services at the IFEBP, said that “while group meetings are the most popular delivery method for retirement or financial planning education, many organizations are also turning to Web-based tools.”

The survey disclosed these findings:

• Retirement planning was the most popular offering, provided by 77% of the respondents. In addition, 60% offer investment education, 39% financial planning and 28% investment advice.
• The most frequently offered initiative was a group meeting with a plan provider, such as a 401(k) vendor, indicated by 67% of respondents.
• Many of the respondents reported that they offered computer-based programs to aid their employees. Slightly more than half (55%) offered Internet access to informational sites, 30% offer Web-based/online tools, and 21% offer computer software. Of those who offer a computer-based program, 84% offer a retirement income calculator.
• Among respondents stating that they provided some type of planning initiative, 61% said that they offered formal retirement planning programs/workshops specifically designed to help employees prepare for retirement.
• Of respondents that offered a formal retirement planning program, nearly three out of four, 72%, offered these programs/workshops during normal working hours. About half (52%) relied on a combination of in-house staff and outside providers for their formal retirement planning programs/workshops. Thirty-three percent used outside providers only, and 15% used in-house staff only.

The survey results are based on U.S. and Canadian responses from 351 members of the IFEBP, including corporations, public employers, professional service providers, and multiemployer benefit plans. For more information, visit http://www.ifebp.org/surveysample.

For more information on this and related topics, consult the CCH Pension Plan Guide, CCH Employee Benefits Management, and Spencer's Benefits Reports.

Visit our News Library to read more news stories.