More than 800 small businesses in the United Kingdom that now offer a retirement plan in the wake of a government mandate say that the administration of their plan is “routine” or “easy,” according to a survey conducted by Smart, a Nashville, Tennessee-based technology firm and record keeper.
Based on the survey of UK users of its Smart Pension Master Trust platform, the company found that 94% of businesses with 10 or fewer employees spent an hour or less administering the plan each month. Only 8% reported that plan administration was a “significant additional burden.”
Following legislation in the UK requiring large and small employers to offer a retirement plan, private sector retirement plan participation rose from 42% in 2012 to 86% in 2019, the company said. “The increase in participation was very consistent across all participant groups, including those that are typically the least engaged, such as the young, part-time workers, low earners and those working for micro-employers.”
In a special report it prepared for U.S. policymakers considering auto-IRA legislation, the company said that requiring employers to maintain a retirement plan “can lead to a substantial leap in overall plan participation and retirement coverage for Americans” while not imposing a significant administrative burden.
While industry statistics pointing to a succession crisis can cause alarm, advisor-owners should be free to consider a middle path between staying solo and catching the surging wave of M&A.
New joint research by T. Rowe Price, MIT, and Stanford University finds more diverse asset allocations among older participants.
With its asset pipeline bursting past $13 billion, Farther is looking to build more momentum with three new managing directors.
A Department of Labor proposal to scrap a regulatory provision under ERISA could create uncertainty for fiduciaries, the trade association argues.
"We continue to feel confident about our ability to capture 90%," LPL CEO Rich Steinmeier told analysts during the firm's 2nd quarter earnings call.
Orion's Tom Wilson on delivering coordinated, high-touch service in a world where returns alone no longer set you apart.
Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.
