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  5. 2019 Defined Contribution Plan Sponsor Survey Findings

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2019 Defined Contribution Plan Sponsor Survey Findings

07/09/2019

The Power of Being Proactive

This year’s research shows the benefits of being proactive, including greater adoption of industry best practices to position more participants for greater retirement funding success.

Success starts with a proactive philosophy


How effective has your DC plan been in meeting the following goals for employees?


When it comes to helping participants, plan sponsors with a proactive philosophy find their plans to be more effective in achieving goals than plan sponsors who are hands-off.

 

HANDS-OFF

PROACTIVE

Achieve a financially secure retirement

47%

71%

Retire at target age

43%

70%

Improve attitude and motivation

50%

71%

Imbalance between philosophy and action


Most plan sponsors feel a high level of responsibility for employee financial wellness (74%) but less than half of those surveyed take proactive measures (41%) to position participants for success.


OPPORTUNITY: Help bridge any gaps between philosophy and action

LEARN MORE ABOUT PLAN SPONSOR GOALS

 

Proactive plan design is trending


The percentage of plan sponsors offering automatic features has increased since 2013.
 

 

2013

2019

Automatic enrollment

43%

55%

Automatic contribution escalation

21%

38%




OPPORTUNITY: Highlight the benefits of automatic features

BUILD MOMENTUM WITH PLAN DESIGN

Many are overlooking key target date fund evaluation criteria


What percentage of plan sponsors think these criteria are either “extremely” or “very” important?
 

84%

Performance

80%

Fees

49%

Glide path structure

48%

Participant demographics

42%

How participants behave at retirement




OPPORTUNITY: Align target date fund (TDF) strategies with plan goals

LEARN MORE ABOUT SELECTING THE RIGHT TDF

 

Plan sponsors are at their best with proactive financial advisors


We surveyed plan sponsors—those with a proactive advisor/consultant, less proactive or without
—about their confidence levels in plan design and overall plan decisions.


LEARN MORE ABOUT BEING PROACTIVE

About our survey


We surveyed 838 plan sponsors from January through March, 2019. All respondents are key decision-makers for their organizations’ DC plans. All organizations represented have been in business for at least three years, offer a 401(k) or 403(b) plan to their domestic U.S. employees and have at least 10 full-time employees.

VISIT OUR INTERACTIVE WEBSITE FOR MORE SURVEY INSIGHTS

Defined Contribution
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