RETIREMENT
PLAN DEVELOPMENTS NEWSLETTER: July 2007
Significant Impact Of Auto Solutions In Preparing Workers To Retire Successfully: Fidelity Study
Fidelity Investments announced findings from its annual state of the 401(k) industry report, Building Futures. The report showed that despite low penetration of automatic workplace savings programs, employees in plans utilizing auto features are showing significantly greater participation rates, increased savings and more diversified investment allocation.
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Experts Anticipate More U.S. Pension System Changes
Experts anticipate more changes ahead for the U.S. pension system as a result of legislative and regulatory activity last year, according to an article published by the nonpartisan Employee Benefit Research Institute (EBRI).
The article recaps the experts' reactions, at EBRI's spring 2007 policy forum in Washington, DC, to major developments in the pension world: Enactment of the Pension Protection Act (PPA) of 2006, which imposed new funding rules on pension plans, among other things, and major accounting rules issued by the private-sector Financial Accounting Standards Board (FASB) and the public-sector Government Accounting Standards Board (GASB).
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Gen-Xer's Ahead Of Parents In Retirement Planning, Says Edward Jones
Generation Xer's are well ahead of other generations when it comes to saving for retirement, according to a new study from financial brokerage firm, Edward Jones. The study shows that each generation has begun to save at a younger age. Sixty-eight percent of the workforce between the ages of 25-34 say they have already started saving for their retirement, yet only 34 percent of those over 65 say they began saving before they were 34 years old.
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