Two-Thirds of Participants Want More Retirement Support

Participants are none too pleased with the level of retirement plan support they receive (or don't) from their employers, according to a new study released Monday by Greenwald & Associates. The authors of the study, “The First Annual 401(k) Participant Experience Study”, found that one in five employees are dissatisfied with the current support they receive.

Of these disgruntled workers, 54 percent want help with retirement tools and resources, while 56 percent desire retirement planning assistance from their employer. Attesting to the dearth of employer-provided initiatives, fewer than four in ten plan sponsors hold annual meetings on their retirement plan.

“It clearly shows the impact that the employer has in overall plan satisfaction and employees retirement support expectations in the workplace,” surmised Matthew Greenwald, president of Greenwald & Associates.

Still, employees continue to rely heavily on employer-sponsored plans like 401(k)s to save for retirement.

The study, which was designed to shed light on employee's current experience with their retirement plan and identify shortcomings, took into account a number of factors, ranging from a worker's expectations of their employer, advisors, and plan providers, to potential problems and possible solutions. A comprehensive sample comprised of over 1,000 participants underwent a 20-minute on-line interview during August 2009.

Faced with dwindling retirement savings, daunting unemployment figures, and the prospect of having to put retirement plans on hold, more and more employees are looking to their employers for help in navigating the nebulous retirement planning terrain. Findings suggest that employee's expectations call for more than the mere provision of a retirement plan -- an educational and ongoing support component is crucial to gaining employee satisfaction.

Printed from:
http://www.401kwire.com/common/article.asp?storyID=23193&template=article&wireID=1