A relatively strong job market, new tax breaks, and state mandates are encouraging more small businesses to offer 401(k) plans to their employees.
Tag: 401(k) plans
More Employers Easing Access to 401(k) Assets Amid COVID-19
A majority of U.S. companies are making it easier for employees to access their 401(k) plans’ assets even as some companies are cutting matching contributions amid the COVID-19 pandemic. These findings are according to the latest pulse survey by Willis Towers Watson, a leading global advisory, broking and solutions company. The survey also revealed companies… Continue reading More Employers Easing Access to 401(k) Assets Amid COVID-19
Companies Hit Hard by Coronavirus Look to Cut 401(k) Contributions
The market’s decline has already damaged retirement account balances. Now, more companies are cutting the contributions they make to employees’ 401(k) plans to save cash in the economic crisis sparked by the coronavirus. Amtrak, La-Z-Boy Inc., retailer Mattress Firm Inc., and travel tech company Sabre Corp. are among the first in an expected wave of… Continue reading Companies Hit Hard by Coronavirus Look to Cut 401(k) Contributions
Income Options Are Coming to 401(k) Plans
A growing number of employers are exploring ways to help 401(k) participants turn their savings into a sustainable income in retirement, even ahead of Congress passing legislation that would make it easier to do so. “For many savers, the ultimate outcome they desire is income to replace their paychecks,” said Mark Iwry, a Brookings Institution… Continue reading Income Options Are Coming to 401(k) Plans
House Passes Bill Making Big Changes to U.S. Retirement System
The House of Representatives passed legislation that would bring substantial changes to the U.S. retirement system, making it easier for employers to offer 401(k)-type plans and include annuities, which guarantee an annual income, as options for workers. Backed by a bipartisan group of lawmakers including Rep. Richard Neal (D., Mass.), chairman of the House Ways… Continue reading House Passes Bill Making Big Changes to U.S. Retirement System
A New Fight Breaks Out Over 401(k) Fees
Investors have reaped big savings as fees have fallen in 401(k)-style retirement plans. But two recent lawsuits have claimed some financial-services companies tried to generate revenue beyond traditional administrative fees, sometimes at consumers’ expense. One recently settled lawsuit contended employers should have protected employees from plan administrators using their information to sell them products. Companies… Continue reading A New Fight Breaks Out Over 401(k) Fees
401(k) Rule Change Would Ease Small Companies’ Path to Joint Plans
A new Labor Department rule would make it easier for small businesses to offer 401(k) plans, part of an effort to close a retirement-plan coverage gap that affects millions of employees. The proposed regulation would allow companies to band together to offer 401(k) plans sponsored by entities including business associations. Such arrangements, often called multiple-employer… Continue reading 401(k) Rule Change Would Ease Small Companies’ Path to Joint Plans