Employee Outcomes

Employee 401(k) Fears: What’s an Employer To Do?
Team SummitEmployee Outcomes, Employer Resource CenterComments are off for this post
Sound investment decisions are rarely made under the weight of worry. The field of behavioral finance points to a number of cognitive distortions that feed on investor fear and can plague participants’ decision-making while compromising their retirement readiness. Here are some that can send shivers down employees’ spines — and ways employers can help them  Read More →
Plan Sponsors Can Help Social Security Early Birds Build Their Retirement Nest Egg
Team SummitEmployee Outcomes, Employer Resource Center, Fiduciary Governance, Plan Operations & AdminComments are off for this post
Two-fifths of pre-retirees say they plan to start taking Social Security benefits before they reach full retirement age, according to a recent Schroders report. And just 10% intend to wait until age 70 in order to qualify for maximum payments. Nearly half of participants cite fears about the future solvency of Social Security, and 72%  Read More →
Hardship Distributions Surge: Strategies for a Troubling Trend
Team SummitEmployee Outcomes, Employer Resource Center, Fiduciary GovernanceComments are off for this post
More and more workers are taking hardship distributions from their 401(k) accounts, a recent report shows. Bank of America’s June 2023 Participant Pulse study reveals nearly 16,000 participants withdrew money to cover a financial hardship in Q2 of this year — up 36% compared to the same quarter in 2022. At the same time, the  Read More →

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