The 401(k) industry likes emergency savings accounts. Are sponsors ready?
Eight of nine big defined-contribution record keepers either already offer emergency savings programs or are planning to, according to a Commonwealth report. Two — Prudential and Voya — provide those services as an in-plan option.
Emergency savings accounts are viewed as the next benefit to accompany workplace retirement plans, and most big record keepers are counting on that, according to a report this week from nonprofit Commonwealth.
The Covid-19 pandemic has focused more attention to Americans' lack of rainy-day saving
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