Seventy percent of employers offer some type of retirement or financial planning initiative, education or program for employees, according to a survey by the International Foundation of Employee Benefit Plans. “While group meetings are the most popular delivery method for retirement or financial planning education, many organizations are also turning to web-based tools.” says Pat Krajnak, director of reference/research services at the International Foundation.
Of those who offer some type of assistance, the most popular offerings are:
- Retirement planning (provided by 77 percent of the respondents).
- Investment education(60 percent).
- Financial planning(39 percent).
- Investment advice(28 percent).
The most common type of initiative offered is a group meeting with a plan provider, such as a 401(k) vendor, indicated by 67 percent of respondents.
Many report that they offer computer-based programs to aid their employees, including:
- Internet access to informational sites (55 percent).
- Web-based tools (30 percent).
- Computer software (21 percent).
Of those who offer a formal planning program specifically geared to help employees prepare for retirement:
- Nearly three out of four (72 percent) offer these programs/workshops during normal working hours.
- About half (52 percent) use a combination of in-house staff and outside providers for their programs/workshops.
- 33 percent use outside providers only for their programs/workshops.
- 15 percent rely on in-house staff only for their programs/workshops.
Stephen Miller is manager of SHRM Online’s Compensation & Benefits Focus Area.