Retirement Security for Women Amid COVID-19
A woman’s path to a secure retirement is filled with obstacles. Amid the COVID-19 pandemic, the challenges faced by women have further intensified with layoffs, furloughs, or extended periods working from home and balancing job responsibilities with homeschooling children and, possibly, caregiving for an aging parent or loved one. The goal of this research is two-fold: 1) to raise awareness of the retirement risks that women face, and 2) to highlight opportunities for women to take greater control of their finances and their futures. Source: Transamericacenter.org
Employers Cutting 401(k) Matching Contributions
The pandemic, which has changed the way millions of people work, is also starting to change the way they save, and not in a good way. Some 12% of employers have suspended matching contributions to their 401k plans, and an additional 23% were planning to cut their match or were considering it, according to a survey conducted in late April by Willis Towers Watson. Source: Nasdaq.com
The Next Evolution in 403(b) Plans: Investments
While 403b plans have made great strides, lifting restrictions on the types of investments the plans can offer and considering more diverse investment types could further improve participant retirement outcomes. Source: Plansponsor.comm
New DOL Guidance on Private Equity Adds Flexibility for DC Plans
The DOL issued important new guidance for 401k plan investment committees on June 3 that want to include private equity as a component of a target-date fund or other diversified investment fund offered within a 401k plan. The Information Letter marks the first time DOL has addressed the use of private equity in defined contribution retirement plans. Source: 401kspecialistmag.com