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Employers Play a Critical Role in Improving Workers' Retirement Security


LOS ANGELES, Oct. 2, 2019 /PRNewswire/ -- Only 17 percent of employers are very confident that their employees will be able to achieve a financially secure retirement, an alarming statistic given the societal role they play in helping workers financially prepare for older age, according to a new research report released today, Employers: The Retirement Security Challenge by nonprofit Transamerica Center for Retirement Studies® (TCRS).

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

As part of its 19th Annual Retirement Survey, TCRS surveyed more than 1,800 employers of for-profit companies with five or more employees to examine their business practices and benefit offerings that enable people to work, save, and transition into retirement.

Facilitating Longer Working Lives, Work-Life Balance, and Flexible Retirement

"As people live longer, we need to rethink the amount of time spent in the workforce and in retirement. Mathematically, it is challenging for workers to spend 30 to 40 years in the workforce and save enough for a retirement that could easily last 20, 30 or more years," said Catherine Collinson, CEO and president of Transamerica Institute® and TCRS. "Most workers want and need to extend their working lives into older age with the flexibility to transition into retirement. However, their ability to do so is highly dependent on their employers."

The survey finds that employers are aware of the need among employees to work beyond traditional retirement age, but few have updated their business practices to support them. Key findings include:

"By modernizing their business practices, employers can help their employees extend their working years, while they are saving and investing for retirement," said Collinson.

The Current State of 401(k)s and Other Employee Benefit Offerings

"Employer-sponsored retirement plans, including 401(k) and similar employee-funded plans, are essential for employers to attract and retain talent," said Collinson. "They have also proven to be one of the most effective ways to facilitate long-term savings among workers. Unfortunately, not all workers have access to these benefits."

The survey findings outline employers' current retirement benefit offerings and identify opportunities for expanding coverage and enhancing plan features. Key findings include:

"Most employers are already helping their employees prepare for retirement, but they can and should be doing even more, especially given their low levels of retirement confidence," said Collinson. "Whether it be providing a retirement plan, extending benefits to part-time workers, becoming aging friendly, or implementing phased retirement, employers can update their business practices and enhance their benefits offerings, thereby improving retirement security among American workers."  

Employers: The Retirement Security Challenge presents findings from TCRS' survey of more than 1,800 employers and provides comparisons with relevant findings from its survey of workers. Visit www.transamericacenter.org to view the survey report along with other research reports and materials. 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. For more information, visit www.transamericacenter.org and follow TCRS on Twitter at @TCRStudies.

About the 19th Annual Transamerica Retirement Survey of Employers
The analysis contained in Employers: The Retirement Security Challenge was prepared internally by the research team at TCRS. A 20-minute online survey was conducted by The Harris Poll on behalf of TCRS between November 9 and December 7, 2018 among a nationally representative sample of 1,825 employers. Potential respondents were targeted based on job title at for-profit companies that employ five or more employees across all locations. Respondents were business executives with specific titles who make decisions about employee benefits at their company. Quotas were set for company size. Results were statistically weighted as needed by using targets from the Dun & Bradstreet database to ensure each quota group was a representative sample based on the number of companies in each employee size range. In order to ensure that the sample was fully representative of the targeted universe of employers, results were weighted by industry and region.

131767 10/19

Contact: Laurel Hood
[email protected] 
952-346-6412

 

SOURCE Transamerica Center for Retirement Studies


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