The majority of employers want to prepare their employees for a financially secure retirement, but have found educational campaigns unlikely to result in substantial changes in behavior. Instead, Steve Utkus, director of Vanguard’s Center for Retirement Research, recommended that employers use “participant inertia to their benefit and do it exclusively with plan design.”
According to a 2010 Deloitte and IFEBP survey, approximately three-fourths of plan sponsors either care about or take great interest in their employees’ retirement readiness. For this population, there are tools and strategies available to help their workers take full advantage of their competitive retirement offerings.
