In the era of economic and geopolitical upheavals, a sturdy retirement plan is the ultimate vehicle for financial stability and security in an individual’s post-work years, when a steady income is no longer available from employers. As employees increasingly maximize their 401(k) pension plans and look for other options to augment their retirement savings, organizations seek effective and profitable retirement plans to attract and retain their workforce talent. This indicates the current $934 billion U.S. market for retirement and pension plans, growing at a CAGR of 4.1 percent, is set to expand further.
The market growth is propelled by many states increasingly requiring employers to sponsor retirement savings programs for their employees. This has made it imperative for organizations to review their employee retirement plan options and choose the most suitable ones to meet their business needs. Furthermore, the rising scope of wealth management software, of which retirement and estate planning have become integral parts, is also contributing to the market growth.
This edition of Manage HR shines light on the key developments in the retirement planning space and how organizations are devising effective strategies to help individuals plan their retirement years better and financially secure themselves. It features thought leadership articles by Kelsey Kilcoyne, Benefits and Wellness Specialist and Erin Smith, Head of Total Rewards and HR Operations at Hollister Incorporated, and Stella Sung, SVP, Head of Benefits and Health- North Asia at Lockton Companies. They speak about the importance of incorporating a heightened awareness of mental health issues in organizations’ employee assistance programs and the need for datadriven, customized employee wellbeing programs that promote greater worker resilience.
The edition features ASC Trust, a leading third-party administrative and recordkeeping firm with deep expertise in retirement planning for businesses and their employees. Also featured is Benetech, a non-profit technology company specializing in retirement plan design for SMBs’ workforces.
In this edition featuring the top retirement planning service providers, we hope you find the right strategies to build robust financial futures for clients in their post-working years.
