Human Resources News & Insights

U.S. workers speak out: 5 things they want from retirement plans now

Employees are clamoring for improvements to company-provided retirement plans — and here’s their wish list.

The top five things today’s employees want from their retirement plans, according to a recent ING and Ipsos Public Affairs telephone survey of 1,000 U.S. adults:

  1. Better investment options — 88% of Americans want a more diverse selection of investment options in their 401(k)s.
  2. Retirement income projections — 84% want to know how much income their 401(k) would provide if it was converted into a monthly stream of income after retirement. Plus, workers want to know how long into retirement their savings will last.
  3. More education — 83% would like their companies to provide more education about how much to save and invest for retirement. Another 43% said the government should educate the public about retirement products.
  4. Make plans available to everyone — more than 75% said every employer should make some type of retirement savings plan available to its workers.
  5. Automatic features — 22% would like to see their employers automatically increase worker contribution levels and 20% want their employers to automatically enroll participants. Two other steps many workers would like to see employers take — eliminate waiting periods before employees can participate in 401(k)s and shorten vesting periods.
Print Friendly

Subscribe Today

Get the latest and greatest Human Resources news and insights delivered to your inbox.

Comments

  1. #3 – Just what we need -more governemnt involvement!! Why should the government be the one to educate employees?

  2. I’m with you on that Vivian! They can’t keep their own house in order; I sure don’t trust them to tell me how to do it.
    And that is why I don’t agree with #5; I can make the decision when to join and how much to invest that makes sense for me and my family.

Speak Your Mind

*