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Striking Similarities and Disconcerting Disconnects: Employers, Workers, and Retirement Security


LOS ANGELES, Aug. 21, 2018 /PRNewswire/ -- Only 16 percent of employers are "very confident" that their employees will be able to achieve a financially secure retirement, according to a study released today, Striking Similarities and Disconcerting Disconnects: Employers, Workers, and Retirement Security, by nonprofit Transamerica Center for Retirement Studies® ("TCRS"). As alarming as this might be, particularly given the important role of employers, the survey finding is consistent with the 18 percent of workers who are "very confident" that they will be able to fully retire with a comfortable lifestyle.

Transamerica Center for Retirement Studies logo. (PRNewsFoto/Transamerica Center for Retirement Studies)

As part of its 18th Annual Retirement Survey, TCRS surveyed 1,825 employers of for-profit companies with five or more employees to learn how they are helping their employees prepare for retirement. The study also provides context by comparing the employer survey findings with TCRS' survey of 6,372 workers.

Pervasive Disconnects Between Employers and Workers Re: Retirement

"Today, people have the potential to live longer than any other time in history. Many workers now want and need to extend their working lives to financially prepare for longer retirements ? but they need support from their employers which they are not yet getting," said Catherine Collinson, CEO and president of Transamerica Institute and TCRS.

The survey findings illustrate ways in which employers are out of sync with workers in their perceptions and business practices. Key findings include:

"Older workers bring wisdom, experience, expertise, and tremendous untapped potential in today's historically low unemployment environment. Further, a multi-generational workforce can enhance diversity and inclusivity ? and foster innovation. By not adopting business practices that can support workers of all ages, employers are missing out on an important opportunity," said Collinson.

The Current State of 401(k)s and Opportunities to Enhance Retirement Security

"Employer-sponsored retirement plans, including 401(k) and similar employee-funded plans, have proven to be the most effective way to facilitate long-term savings among workers," said Collinson. "Unfortunately, not all workers have equal access. For example, large companies typically provide more robust benefit offerings than their small business counterparts." The study examines the current state of 401(k)s and other benefit offerings by small (5 to 99 employees), medium (100 to 499 employees), and large companies (500+ employees).

Key findings that highlight specific opportunities include:

"Employers play an all-critical role in promoting retirement security among workers, yet it's important to remember that their raison d'être is running a business. Working together, policymakers and the retirement industry must make it as easy, affordable and worry-free as possible for employers to offer retirement plans along with other employee benefits and flexible retirement options to their employees," said Collinson. The study offers recommendations for policymakers that can be found here.

Please visit TCRS at www.transamericacenter.org to view the study along with other research reports and materials from the 18th Annual Retirement Survey. Follow TCRS on Twitter @TCRStudies

About Transamerica Center for Retirement Studies
Transamerica Center for Retirement Studies® (TCRS) is a division of Transamerica Institute®, a nonprofit, private foundation. Transamerica Institute is funded by contributions from Transamerica Life Insurance Company and its affiliates and may receive funds from unaffiliated third parties. TCRS and its representatives cannot give ERISA, tax, investment or legal advice. This material is provided for informational purposes only and should not be construed as ERISA, tax, investment or legal advice. Interested parties must consult and rely solely upon their own independent advisors regarding their particular situation and the concepts presented here. For more information please refer to www.transamericacenter.org and follow TCRS on Twitter at @TCRStudies.

About the 18th Annual Transamerica Retirement Survey

Employer Survey
The 21-minute online survey was conducted within the U.S. by The Harris Poll on behalf of TCRS between November 15 and December 15, 2017 among a nationally representative sample of 1,825 employers across small (5-99 employees), medium (100-499 employees), and large (500+ employees) companies. Potential respondents were targeted based on job title at for-profit companies and met the following criteria: Business executives who employ 5 or more employees across all locations and who make decisions about employee benefits at their company. Results were weighted as needed on employee size using weighting targets from the Dun & Bradstreet database to ensure each quota group had a representative sample based on the number of companies in each employee size range.

Worker Survey
The 25-minute online survey was conducted within the U.S. by The Harris Poll on behalf of TCRS between August 9 and October 28, 2017 among a nationally representative sample of 6,372 full-time and part-time workers. Potential respondents were targeted based on employment status and company size. Respondents met the following criteria: U.S. residents, age 18 or older, full-time or part-time workers in for-profit companies with 5 or more employees. Results were weighted where necessary to bring them into line with the population of U.S. residents age 18 or older, employed full-time or part-time in a for-profit company with 5 or more employees, and to adjust for attitudinal and behavioral differences between those who are online versus those who are not, those who join online panels versus those who do not, and those who responded to this survey versus those who did not. No estimates of theoretical sampling error can be calculated.

TCRS 1368-0818

Contact: Madeleine Reul
[email protected] 
952-346-6061

 

SOURCE Transamerica Center for Retirement Studies


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