401(k) – Benefits Canada.com https://www.benefitscanada.com Canada's most influential pension and benefits publication for decision-makers Mon, 29 Apr 2024 21:34:34 +0000 en-US hourly 1 https://wordpress.org/?v=4.9.8 52% of U.S. private sector workers with employer-sponsored retirement plans say they contribute: survey https://www.benefitscanada.com/pensions/retirement/52-of-u-s-private-sector-workers-with-employer-sponsored-retirement-plans-say-they-contribute-survey/ Mon, 29 Apr 2024 19:00:05 +0000 https://www.benefitscanada.com/?p=154917 While more than two-thirds (69 per cent) of private sector workers in the U.S. have access to an employer-sponsored retirement savings plan, just half (52 per cent) of these employees says they choose to participate, according to a new survey by GOBankingRates.com. The survey, which polled 1,000 workers, found more than a quarter (28 per cent) […]

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]]> 47% of U.S. millennials are moderately confident they’ll save enough for retirement: survey https://www.benefitscanada.com/pensions/retirement/47-of-u-s-millennials-are-moderately-confident-theyll-save-enough-for-retirement-survey/ Tue, 09 Apr 2024 13:00:14 +0000 https://www.benefitscanada.com/?p=153983 Nearly half (47 per cent) of U.S. millennials are moderately confident in their ability to accumulate enough retirement savings, according to a new survey by software company Iralogix Inc. The survey, which polled more than 500 workers between the ages of 28 and 43, found 29 per cent said they have no confidence in their […]

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]]> 55% of Americans worry they won’t have financial security in retirement: survey https://www.benefitscanada.com/pensions/retirement/55-of-americans-worry-they-wont-have-financial-security-in-retirement-survey/ Fri, 01 Mar 2024 14:00:02 +0000 https://www.benefitscanada.com/?p=152495 More than half (55 per cent) of Americans say they’re worried they won’t achieve financial security in retirement, according to a new survey by the National Institute on Retirement Security. The survey, which polled more than 1,200 individuals aged 25 and older in the U.S., found more than three-quarters (79 per cent) believed there’s a retirement […]

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]]> Survey finds U.S. employees increasingly interested in retirement, savings programs https://www.benefitscanada.com/benefits/health-wellness/survey-finds-u-s-employees-increasingly-interested-in-retirement-savings-programs/ Wed, 21 Feb 2024 20:00:56 +0000 https://www.benefitscanada.com/?p=152147 The vast majority (89 per cent) of U.S. employees say they’d be more likely to continue working for an employer that offered a retirement plan, according to a new survey by Vestwell Holdings Inc. The survey, which polled more than 1,200 workers, found a similar percentage (89 per cent) expressed some level of interest in […]

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]]> 51% of U.S. workers want employers to cover health-care premiums as financial benefit: survey https://www.benefitscanada.com/benefits/health-benefits/51-of-u-s-workers-want-employers-to-cover-health-care-premiums-as-financial-benefit-survey/ Mon, 15 Jan 2024 14:00:35 +0000 https://www.benefitscanada.com/?p=150358 More than half (51 per cent) of U.S. workers say they’d like to see fully paid health-care premiums as a financial benefit from their company, according to a new survey by CNBC and SurveyMonkey. It found nearly two-fifths of respondents said they’d also like to see 401(k) matching (37 per cent) as well as health […]

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]]> 3M freezing U.S. DB pension plans for non-union employees by end of 2028 https://www.benefitscanada.com/pensions/defined-benefit-pensions/3m-freezing-u-s-db-pension-plans-for-non-union-employees-by-end-of-2028/ Wed, 10 Jan 2024 20:00:11 +0000 https://www.benefitscanada.com/?p=150125 3M will freeze its U.S. defined benefit pension plans for non-union U.S. employees, effective Dec. 31, 2028, and move plan members to a 401(k) plan structure. Eligible employees will continue to accrue benefits under the pension plans until the freeze date, according to a press release, which noted this decision applies to both 3M and 3M Health Care. Former […]

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]]> Can IBM’s retirement benefit account revive the traditional DB pension plan? https://www.benefitscanada.com/pensions/defined-benefit-pensions/can-ibms-retirement-benefit-account-revive-the-traditional-db-pension-plan/ Tue, 19 Dec 2023 14:00:44 +0000 https://www.benefitscanada.com/?p=148884 After closing its defined benefit pension plan nearly two decades ago and replacing it with a less riskier defined contribution plan, International Business Machines Corp. is launching a new retirement benefit account that allows its U.S. employees to have the best of both worlds. Last week, the company ceased its 401(k) matching and one per […]

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]]> Average U.S. 401(k) balance down slightly in Q3 2023, up over long term: report https://www.benefitscanada.com/pensions/cap/average-u-s-401k-balance-down-slightly-in-q3-2023-up-over-long-term-report/ Tue, 21 Nov 2023 14:00:27 +0000 https://www.benefitscanada.com/?p=147413 The average U.S. 401(k) balance decreased to $107,700 in the third quarter of 2023, down four per cent from Q2, but up by 11 per cent from a year ago, according to a new report by Fidelity Investments. Reflecting a combination of employee and employer 401(k) contributions, the total savings rate for the third quarter […]

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]]> 65% of U.S. employees cite flexible work as top compensation component: survey https://www.benefitscanada.com/news/bencan/65-of-u-s-employees-cite-flexible-work-as-top-compensation-component-survey/ Mon, 20 Nov 2023 20:00:44 +0000 https://www.benefitscanada.com/?p=147420 Two-thirds (65 per cent) of U.S. employees rank flexible work options as the No. 1 component of compensation beyond salary, down from 71 per cent in 2022, according to a new report by the Conference Board Inc. The survey, which polled more than 1,500 workers, found employees in hybrid (68 per cent) and fully remote […]

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]]> Survey finds just 44% of U.S workers reviewing retirement plan contributions during enrolment period https://www.benefitscanada.com/pensions/retirement/just-44-of-u-s-workers-reviewing-retirement-plan-contributions-during-enrolment-period-survey/ Mon, 13 Nov 2023 14:00:08 +0000 https://www.benefitscanada.com/?p=146974 While a majority (87 per cent) of U.S. employees believe it’s a good idea to review their workplace retirement savings plan during their company’s open enrolment period, just 44 per cent say they’ll review how much they contribute to their plan, according to a new survey released by Corebridge Financial Inc. The survey, which polled […]

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