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5500 Preparer's Manual for 2012 Plan Years
The premier resource in the field of Form 5500 preparation, 5500 Preparer's Manual will help you handle the required annual Form 5500 filings for both pension benefits and welfare benefit plans.
From Spencer's Benefits Reports: Saving for retirement is very important, according to 96.9% of respondents to a survey conducted by ING Institute for Retirement Research. In addition, respondents overwhelmingly (92.4%) said that automatically deducting from the paycheck is the best way to save; 83.6% said that their employer’s plan was very important for saving for retirement, with 11.4% saying that their employer plan is fairly important. The survey, The Hearts and Minds of Retirement Investors, was conducted between April 9 and June 6, 2009, and includes responses from 1,049 individuals who generally are investors in ING-managed retirement programs.
Between September 2008 and March 2009, 37.2% have changed to a more conservative investment allocation as opposed to 19.0% who have changed to a more aggressive investment allocation. During the same period, 31.1% increased their retirement plan contributions while 14.2% reduced their contribution and 14.8% stopped contributing. A loan was taken from their retirement plan by 5.4% of the respondents, while 6.0% took money out of the plan.
Convenience, choice, and control were the most important key features of the employer’s defined contribution plan: 84.2% said Internet account access was important, 78.9% said “control over how I invest” was important, 78.7% said payroll deduction was important, 78.2% said “control over how much I invest” was important, and 76.3% said different investment options were important. The availability of investment advice (42.2%) and investment education (41.7%) were not as important.
In response to the question, “What do you fear most about not having enough money in retirement?” 49% said asking their children for money, followed by 24% who feared not being able to pay for their or their spouse’s medical bills, 17% who feared not being able to help pay the medical bills of their son or daughter, and 10% who feared they would have to move from their house.
For more information, visit http://www.ing-usa.com/us/businesses/retirementplans/iirr/5090234.html.
For more information on this and related topics, consult the CCH Pension Plan Guide, CCH Employee Benefits Management, and Spencer's Benefits Reports.
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