Having employees who cannot retire on time is an unfortunate but all too common scenario that impacts not only employee morale, health and productivity, but also the company’s bottom line. Retirement plans are an efficient way to encourage employees to save; however, when incorrectly managed on an outdated framework, they can be ineffective and a burden in terms of administration, liability and cost.
Some 50% of households are in danger of lacking sufficient funds to continue their standard of living once they retire. That number has jumped to 55% since the economic crisis caused by the pandemic.
-Center for Retirement Research, National Retirement Risk Index.
Organizations that embrace modern plan design and innovative plan engagement will create a pathway to a stable and productive workforce and will see the immediate benefits of streamlined employee communication and integrated technology.
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