5 reasons employers should consider implementing retirement income solutions

Infographic

Sep 20, 2024

 

Text representation of infographic (for screen reader accessibility):
  1. Employees are asking employers for help. 82% of participants say they trust the retirement plan services offered by their employer.1
  2. Keeping retiree assets in the DC plan helps to manage costs and allows for economies of scale. 64% of assets in 401(k) plans are owned by participants age 50 or older.2
  3. Legislative actions (SECURE Act 2019 and SECURE 2.0 Act of 2022) highlight and support retirement income. 73% of employers identified adding a retirement income solution as an important area of focus in the next two years.3
  4. Employees who lack confidence in their own retirement plan and preparedness suffer financial stress, which can negatively affect employee performance. One out of three employees see a negative impact to their productivity at work due to financial worries.3
  5. Expanded retirement benefits help employers attract and retain skilled workers across all ages. 87% of participants surveyed say they are likely to stay with their employer if offered competitive retirement plan services and products. 1

 

Related Items
  1. Voya Consumer Insights & Research survey conducted between February – March 2023, among n=300 Plan Sponsors and n=200 advisors and March 3-4, 2023 among n=500 Americans age 18+ who are full-time employees and actively contributing to their employer-sponsored retirement plan balanced by age and gender to reflect the U.S. population.
  2. 401(k) Plan Asset Allocation, Account Balances, and Loan Activity in 2022; EBRI Issue Brief
  3. 2023 PwC Employee Financial Wellness

This information is provided by Voya for your education only. Neither Voya nor its representatives offer tax or legal advice. Please consult your tax or legal advisor before making a tax-related investment/insurance decision. Each plan must consider the appropriateness of the investments and plan services offered to its participants.

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