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.
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  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.

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