Plan participants contributed an average of 7.6% percent of their pay to workplace retirement plans in 2019, according to the results of a survey by the Plan Sponsor Council of America. Plan sponsors contributed an average of 5.3% of employees' pay, which brought the total average savings rate to 12.9%.
The annual survey, the group’s 63rd, found that more than 90% of eligible employees had an account balance in 2019 and 87.3% made contributions.
The survey also found that Roth contributions are now permitted in three-fourths of plans, up from 69.1% in 2018, and that 80% of plans offered a target-date fund, up from 68.6% in 2018.
In addition, 40% of plans now offer a professionally managed investment alternative to participants, up from 36.3% in 2018, and nearly 60% now offer plan access via mobile technology, up from 47.5% in 2018.
Fewer than 10% of plans offer annuities and just 3% include socially responsible investing options.
FINRA's proposed rule filing would create a new 10-day fraud delay and nearly triple the maximum hold period for exploited senior investors
Fueled by a recent shot in the arm from private equity firm Carlyle, MAI adds a $490 million Atlanta RIA as it keeps building out its national footprint.
“Todd Burkhalter organized what is likely the largest Ponzi scheme in Georgia history,” said one FBI official.
With experience from Goldman Sachs and TD Ameritrade, the RIA's newest SVP hire adds to a recent wave of executive departures from hybrid Osaic.
Chicago-based Mesirow Fiduciary Solutions adds flexPATH's plan-level outsourced fiduciary book, boosting its retirement market reach to $164 billion.
Northern Trust’s Ken Lassner shows advisors how to convert volatility into after-tax portfolio gains
Dan Biagini of American Equity says the steady decline of pensions, longer lifespans and a reset in interest rates are rewriting how advisors build retirement income
