J.P. Morgan Asset Management released findings from its fifth survey of U.S. retirement plan participants. The 2018 Defined Contribution Plan Participant Survey revealed that while their retirement outlook has improved, nearly half of plan participants still don’t feel they’ll be able to retire when they want, with the savings they’ll need. The good news is, participants are supportive of plan sponsors’ efforts to strengthen their plans through target date funds (TDFs), especially in conjunction with automatic enrollment, automatic contribution escalation and re-enrollment.
“While it’s pleasing to see that retirement plan participants are gaining confidence, the fact that nearly half of participants are still uncertain about their retirement prospects suggests that there is still work to be done. The coordinated efforts of plan sponsors, regulators and other industry stakeholders to assist participants in achieving their retirement goals must continue,” said Catherine Peterson, Managing Director, Global Head of Insights Programs at J.P. Morgan Asset Management. “The survey shows that nearly three-quarters of participants are still missing their savings targets, so it’s critical that plan sponsors stay focused on evolving their plans to ensure participants have access to simple, streamlined services that can guide them on a strong saving and investing path.”
This article provided by NewsEdge.