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10 March 2016

Finance executives concerned with aging workforce, focused on guaranteed income features

Photo: Clock pointing towards retirementFinance executives are interested in the effects of an aging workforce and how adding features to their defined contribution plans that were once found in defined benefit plans can help their employees achieve a secure retirement, according to a new report from Prudential in collaboration with CFO Research.
The findings of the report, "Helping Employees Achieve Secure–and Timely–Retirements," show most senior financial executives are looking for ways that their companies can help employees better manage their own retirement planning. For example, using automatic contribution escalation programs and making guaranteed lifetime income products available.
The report also revealed that finance executives anticipate having to manage an increasingly aging workforce. According to the findings, 57 percent of respondents believe their companies’ employees are already delaying retirement due to inadequate savings.
"Many Americans are working longer and don’t have the financial security to retire as early as they anticipated," says Jamie McInnes, senior vice president, Total Retirement Solutions, Prudential Retirement.

"As an industry," McInnes notes, "we need to help employees by providing products and plan design features within workplace retirement plans to help workers achieve a secure financial future."
"Helping Employees Achieve Secure–and Timely–Retirements" is the second in a series of five reports based on the 2015 results of an annual survey on the benefits landscape.
Want more information? Read the report. Want to speak with Jamie? Contact Josh Stoffregen.

Josh Stoffregen
phone: 973-802-3996
mobile: 973-204-2540
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