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Participant Insights: Misperceptions About 401(k) Plans Abound Two of the most prevalent misunderstandings that keep workers from signing up that it is too complicated, and that retirement is too far off to care can be stamped out through automatic features, advisers say. Retirement plan sponsors have to conquer a great number of fiduciary and plan design basics when setting up a plan, but they might not think about the many misconceptions that participants have about retirement plans and retirement saving which could be an impediment. Two of the biggest misconceptions that keep workers from participating in retirement plans are that they are too complicated and that the worker is too young to care about a milestone decades down the road. ....
Retirement Benefits Moving Beyond Just a Retirement Plan Holistic retirement programs, which include financial wellness, health and voluntary benefits, put employees in a better position to reach their long-term goals. Reported by Art by Erick M. Ramos Employers are increasingly offering retirement benefits that focus on financial success in all areas of employees’ lives and include much more than the core retirement plan. “In the past five to seven years, plan sponsors have begun to realize how complex it is for their employees to manage all of their investing and financial goals,” says Chris Ceder, retirement strategist at Goldman Sachs Asset Management. ....