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Cybersecurity: Retirement Plan Sponsors Can Protect Themselves

The digital world has opened many doors – including some to theft and the abuse of information. When it comes to retirement plans and participant assets, cybersecurity has emerged as a significant area of focus. Read on to find out how plan sponsors can protect themselves and their participants while meeting fiduciary obligations.

Technology innovation and an unrelenting push toward a digital world open us up to a range of cybersecurity risks. For retirement plans, it’s the risk of sharing financial and personal identifiable information across platforms and third-party service providers. And with participant assets and retirement security on the line, the risks weigh on many plan sponsors’ minds.

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Retirement Planning Tips for Women

Women often face special challenges when planning for retirement. For example, if they are the primary caregivers in their families, their careers may be interrupted to care for children or elderly parents, which means they may spend less time in the workforce and earn less money than men in the same age group. And even if they remain in the workforce, women still tend to earn less than men, on average. As a result, their retirement plan balances, Social Security benefits, and pension benefits are often lower.

In addition to earning less, women generally live longer than men, which means having to stretch potentially limited retirement savings and benefits over many years.

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Washington “Insiders” provide the latest on benefits-related legislation, court cases and economic policies and how the election could affect each

Attendees of the October 2nd NEEBC 2020 Washington Update – Bringing Washington to New England (at least virtually) program were provided with valuable information and insights from three Washington-based policy experts about recently enacted and potential future employee benefits-related legislation and economic policies.

James Gelfand, Senior Vice President, Health Policy, with ERIC – The ERISA Industry Committee – kicked off the morning by discussing the 2020 health policy landscape from the perspective of the federal legislative, judicial and executive branches, principally focusing on the likelihood of future changes in law and policy.

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How to Keep Participants in the Plan After Retirement

According to Vanguard’s most recent How America Saves1 survey, which looks at Americans’ retirement savings habits, 80 percent of participants eligible to take a distribution chose to preserve their assets for retirement. According to the survey, 62 percent of plans allow retirees to take installments, 32 percent allow for partial ad hoc withdrawals (more than double from five years ago), and only 2 percent force retirees out after a certain age.

Many Plan Sponsors, particularly those with plans over $1 billion, realize the value of asset retention, which improves purchasing power and can lead to fee savings. A PLANSPONSOR survey2 reports that half of Plan Sponsors in the over $1 billion category prefer terminated employees with material balances remain in the plan. Plan Sponsors of smaller plans are beginning to take cues from their larger counterparts.

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