Transamerica Center’s Survey reports “More Retirement Advice Wanted” |
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Written by U.S. Insurance News
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Monday, 03 November 2003 |
After three years of market volatility, employees are revisiting their retirement planning and asking employers for more guidance in achieving those retirement goals, according to the recent survey commissioned by the Transamerica Center for Retirement Studies.
After three years of market volatility, employees are revisiting their retirement planning and asking employers for more guidance in achieving those retirement goals, according to the recent survey commissioned by the Transamerica Center for Retirement Studies. The survey, conducted by telephone in the fall of 2003 by Harris Interactive, included 600 full time small business employees aged 18 and older and 300 small business executives.
Areas where employees desire greater outside guidance include:
- Company funded plans: There is a slight rise in employees who prefer having someone else take on the burden of retirement planning. Now 28% of workers favor a company funded (defined benefit) plan, as opposed to 21% in 2002.
- Plan Information: Only 54% of employees surveyed strongly agree their employer gives them enough information on their plan.
“It was revealing to find that employees feel the responsibility of retirement guidance lies with the employer,” said Catherine Collinson of the Transamerica Center for Retirement Studies. “Moving forward, it will be interesting to see how this issue plays out, considering that President Bush’s Retirement Savings Accounts and Lifetime Savings Accounts proposal would place an even greater burden on workers to manage their saving without guidance or assistance from employers.”
The Transamerica Center for Retirement Studies is charged with monitoring and analyzing employer and employee-related retirement issues in the small business retirement market, ranging from emerging retirement trends to new legislation.
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