401(k) Specialist Issue 2 - 2019 - 39
401(k) PRODUCT WATCH
Employees Hungry for Plans
to Tackle Student Loan Debt
COLLEGE IS KNOWN for creating hangovers, but few are more painful than the financial ones
caused by student loan debt that can last for decades.
It's no wonder millennials get late starts in contributing to 401(k) plans when they're saddled
by student loan debt. Meanwhile, boomer and Gen X parents are sabotaging their own retirement
accounts by borrowing to help their kids pay for college.
Could a 401(k)-like plan where employers offer a match for student loan repayments be part of
the solution?
An overwhelming 92 percent of people surveyed in a study from Guardian say they would
take advantage of such a program if it was offered, and 79 percent of millennials would like their
employer to offer a student loan repayment plan.
Currently, less than 10 percent of all workers have access to college savings or debt-related
benefits plans through their employer (i.e. tuition assistance, 529 plans, loan repayment).
TELL IT TO MARTY McFLY
" We need to create awareness that you cannot invest for the future in the future,
and this is going to be a growing problem in this country. "
- Rob Kapito, BlackRock president, to " CBS This Morning " co-host Bianna Golodryga.
Don't Touch! Americans
Confident in 401(k)s,
Don't Want Fed Changes
AMERICANS KNOW 401(k) plans work, they
like having a say in their plans, and they don't
want the feds tinkering with them.
More than three-quarters of Americans
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expressed confidence in the ability of 401(k)s
and other defined contribution retirement
accounts to help individuals meet their retirement
goals, according to a new study from the
Investment Company Institute (ICI).
The study, " American Views on Defined Contribution Plan Saving, 2018, " found that
confidence was higher among individuals whose households owned DC plan accounts or
individual retirement accounts, with 83 percent expressing confidence.
More than nine in 10 DC-owning individuals agreed that employer-sponsored retirement
accounts help them think about the long-term, making it easier for them to save.
Eighty-five percent of DC-owning individuals agreed that the tax treatment of the DC plan
is a big incentive to contribute.
TOP MOST TRUSTED
FINANCIAL FIRMS
Mutual
Funds
Fidelity
Vanguard
T. Rowe Price
TIAA Cref
Schwab
Online
Brokerages
Schwab
Vanguard
Fidelity
E*Trade
Ally
Banks
Chase
Citibank
PNC
Bank of New York
Capital One
TD Bank
Bank of America
Wells Fargo
Source: Brand Keys Customer Loyalty Engagement Index (CLEI)
ISSUE 2 2019 | 401kSpecialist.com
39
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401(k) Specialist Issue 2 - 2019
Table of Contents for the Digital Edition of 401(k) Specialist Issue 2 - 2019
Table of Contents
401(k) Specialist Issue 2 - 2019 - Cover1
401(k) Specialist Issue 2 - 2019 - Table of Contents
401(k) Specialist Issue 2 - 2019 - 1
401(k) Specialist Issue 2 - 2019 - 2
401(k) Specialist Issue 2 - 2019 - 3
401(k) Specialist Issue 2 - 2019 - 4
401(k) Specialist Issue 2 - 2019 - 5
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401(k) Specialist Issue 2 - 2019 - 44
401(k) Specialist Issue 2 - 2019 - Cover3
401(k) Specialist Issue 2 - 2019 - Cover4
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