As They Turn 40, 401(k) Plans Evolve for the Future

本月标志着401（k）计划的40周年，最初被认为是补充储蓄计划，以与参与界定的福利计划共存。401（k）从未打算成为唯一的退休计划 - 但这是它采取的道路。在终身期间，它以帮助它变得更有效的方式成熟，但仍有改进的余地。ii用Capital Group的Toni Brown，CFA，CFA，高级界定策略师进行谈论，讨论401（k）的演变和未来。

What do 401(k) plans need to do to avoid having a “midlife crisis” as they turn 40, and to become more efficient tools for plan participants?The 401(k) has to be THE retirement plan in corporate America. There are several things that need to happen for it to be successful moving forward, starting with more participation. Employee participation needs to be north of 95%. Plan sponsors are in a great position to make that happen. They can facilitate auto-enrollment, and repeat that every year as standard practice to sweep people in to the plan and give them every chance to succeed. Along those lines, plan sponsors should auto-enroll participants at a higher percentage of their income. Historically, many plans have done this at 3% of earnings. That simply isn’t high enough. The rule of thumb to have a successful retirement is that workers need to be putting aside 10-15% of their earnings from the day they start working. If you auto-enroll them at 3%, and then auto-escalate at 1% per year, it takes seven years for them to get to 10% — and that’s a long time.

特别是如果他们切换作业。这是正确的。例如，如果他们在第五年切换作业并在3％的新公司自动注册，他们无法达到退休目标而不积极主动。我们需要计划以10％的自动注册，并升级至15％。显然，每个计划赞助商，人口统计数据和任何公司匹配都是独一无二的。除了让人们在计划中投入并投资良好，还需要一个退休级，以便参与者在退休后留在计划。他们仍然可以使用该计划，他们继续从公司获得信托监督，他们可以获得低费用的良好投资。

听取惠里斯·埃里卢卡斯CFA，埃布里总统兼首席执行官，司法司法司机，员工政策副助理秘书副助理秘书福利市劳动部, discuss the challenges and solutions for the future 401(k) plans.

Those are some aspirational goals. Do plan sponsors ever think, “What’s in it for me?”That’s been one of the things that has held back the success of the 401(k) to some extent, and plan sponsors are rightly concerned about taking 10% out of an employee’s paycheck thinking that they’re probably not aware that they’re being auto-enrolled at that amount. It’s natural for sponsors to think employees will be disgruntled and they will have to reverse course. What we’ve seen in practice, however, is that plan sponsors that have auto-enrolled at something like 10-12% haven’t seen any greater pushback from employees than those who auto-enroll at 3% — the opt-out rate does not go up.

You briefly touched on plans transitioning participants into retirement. What innovations need to occur for that change to happen?Plan sponsors want to start thinking about the 401(k) as a plan that works both when employees are growing assets and when they’re taking assets out in retirement. Often, sponsors have to change their plan documents, they have to work with their recordkeeper to make sure that participants can take money out on a periodic, regular basis without it being overly expensive to do so. They should consider additional investment options which are appropriate for people age 55 and older. Investing when you’re taking assets out — in retirement — is different than when you’re putting assets in. Volatility in the market matters much more when you’re taking assets out, so you have to make sure that you have protection on the downside, and that investment options are created so that they help participants have a smoother ride and ensure their savings last as long as feasible in retirement.

401（k）在婴儿潮一代时期来到年龄，但现在劳动力向千禧一代倾斜。他们的需要如何推动401（k）的发展方式？It’s really interesting because for older workers, the 401(k) really was a supplemental savings plan. The assets they accumulated are unlikely to be anything near what today’s millennials will accumulate when you fast forward them to age 65. Millennials are in a really good position as we strengthen the 401(k) system going forward. They think about the 401(k) more as a retirement plan, and that helps everyone. Aligned to that point, many 401(k)s are still called “supplemental savings plans,” or just “savings plans.” That should to change to “retirement saving plans” or “retirement plans.” Simple changes like that will help millennials understand that this is their primary retirement plan, and hopefully, they’ll pay more attention to it.

千禧一代是地球上最舒适的技术用户。技术将如何改变人们如何计划和投资退休？I hope we’re able to create technology that is easy to use and is consistent throughout the industry. If we can do that, that will help millennials better understand the process, and better understand the levers that they can influence to have a better retirement. It can help change the perception around plans so that millennials feel “my 401(k) is my 401(k) no matter where I work or what I do, and even after I stop working.” If technology can help them aggregate their 401(k) accounts, it’s a whole new ballgame. Right now, trying to merge separate 401(k) accounts is a manual process that takes a fair amount of work. There’s no reason for that in today’s world; it should be easy to do. It should be something that’s set up electronically so you can check a box when you go from one company to another. Having all the assets aggregated in one place would be beneficial for most participants.

Toni Brown是一个高级策略师Ame定义贡献rican Funds, part of Capital Group. She has 28 years of investment industry experience and has been with Capital Group for four years. Prior to joining Capital, Toni was the director of U.S. client consulting and the U.S. defined contribution leader for Mercer Investment Consulting. Before that, she was a senior investment consultant at Callan Associates with management responsibilities for the San Francisco consulting office and the firm’s defined contribution practice. She holds an MBA from Arizona State University and a bachelor’s degree in general business from the University of Denver. She also holds the Chartered Financial Analyst® designation. Toni is based in San Francisco.

听取惠里斯·埃里卢卡斯CFA，埃布里总统兼首席执行官，司法司法司机，员工政策副助理秘书副助理秘书福利市劳动部, discuss the challenges and solutions for the future 401(k) plans.

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1978年：After being lobbied in previous years by some high earners at Kodak who wished to invest a tax-exempt portion of their salaries in the stock market, the U.S. Congress included Section 401(k) in the Revenue Act of 1978. It became law on New Year’s Day, 1980.

1980年：福利顾问和律师TED Benna在以前忽视的规定中看到了潜力，并建议客户利用员工纳税的税收优势方式来产生补充退休储蓄。客户拒绝了机会，但Benna最终安装了他自己的雇主的第一个401（k）计划。

1981年：The IRS allows employees to contribute to 401(k) plans via salary deductions.

1983:Of U.S. companies with 500 or more employees, nearly half offered 401(k) plans, or were thinkng seriously about doing so.

1990:401(k) plans in the U.S. are actively participated in by 19 million people.

1996:Assets in 401(k) plans top $1 trillion for the first time.

2001年：New legislation allows for increases in contribution amounts by individuals and companies, and provides those 50 and older an opportunity to make catch-up contributions.

2006:养老金保护法案提供法定身份验证ority for employees to automatically enroll employees in DC plans.

2008年：401(k) assets reach $2.2 trillion in the U.S. – or 16% of the U.S retirement market.

2018:截至6月，美国401（k）计划估计估计5.3万亿美元资产 - 19％的美国退休资产。

听取惠里斯·埃里卢卡斯CFA，埃布里总统兼首席执行官，司法司法司机，员工政策副助理秘书副助理秘书福利市劳动部, discuss the challenges and solutions for the future 401(k) plans.

By Carl Gagnon, AVP, Global Retirement Programs,Unum集团

When defining a retirement program that is centered on a DC component, some plan sponsors and participants desire, and often can, choose from countless shapes and flavors of plan designs and investment options. This might strike some as a reflection of the diverse composition and needs of the U.S. workforce, but I would argue there is a balance between offering the right amount of choice and adding plan features and investment options that create excessive complexity and confusion. Excessive plan features and investment choices can muddy participants’ understanding, impede engagement, and create choice paralysis – any and all of which can lead to poor decisions, or (even worse!) inactivity.

U.S. employees are generally quite willing to save for retirement and gain financial wellbeing, and they want choices in their benefit offerings. But they need a program that makes sense and is easy for them to work through to a decision, and importantly, participants want guidance, education, and communication to help them make informed choices.

So, how do plan sponsors achieve a balance of offering a strong, yet simple DC product that meets the objective of helping participants achieve better retirement and financial wellbeing? My mantra for 401(k) plan design and review is KISS, or Keep it Simple, Sponsors. Here are a few keys to doing just that:

Make sure your company and your fiduciaries are on the same page

确保401（k）/ dc计划的目标很清楚是一个重要的第一步。如果您正在努力帮助员工有效地保存退休并满足其财务需求，为什么添加超出此问题的复杂性？当然，有方案，计划赞助商及其信托人提供退休储蓄计划，这些计划具有复杂的计划组成部分，可能有利于其成员资格。然而，对于大多数雇主赞助商来说，这些是不可能的情景。劳动部明确确定了计划信托人的一些责任：

• Acting solely in the interest of plan participants and their beneficiaries with the exclusive purpose of providing benefits to them;
• Paying only reasonable expense of administering the plan and investing its assets;
• Making sure that participants have sufficient information on the specifics of their investment options, so they can make informed decisions.
• 确保您的信托委员会包括与您的401（k）计划及其目的有关的个人参与和了解。定期培训很重要，定期定期安排和参加与议程会议，其中包括对行业，监管和计划设计选项的一致定期讨论。包括您的投资经理，顾问，以及您的计划在这些会议中的录音机将有助于确保您在您的方法和勤奋中彻底。

Keep designs simple

我的一位精算顾问曾经对我说过，“如果你见过一个退休计划，你已经看到了一个退休计划。”每个公司或计划赞助商都有自己的想法，即在401（k）-plan设计中应该包含的内容。提醒自己，这是你的员工的计划 - 你可能是赞助商，但他们必须与你的设计一起生活。您可以简化您的计划并增加参与......

• 提供自动注册和自动升级。
• Keeping to a smaller investment lineup that’s clearly categorized for employees.
• 分组投资产品（主动，被动，目标日期），避免其他“边缘”投资结构。
• Using target date funds as the investment default investment option (QDIA).
• 制定并定期审查明确而简洁的投资政策声明。
• Providing tools that are easy to find and that help employees predict 401(k) balances at various ages and, just as importantly, that help them maximize their company matching contributions.
• Including predictive modeling that helps create understanding of the assets members will need to last their lifetime.
• Giving access to an investment advice and guidance service, either through your TPA or another source.
• 提供一笔贷款，其次是标准的艰苦撤销条款。
• 允许简化的分布和提款选项。

创建一个提供这些功能的计划将帮助员工对计划设计感到舒服。

定期（不少于每年）审查资产和个人基金和投资期权水平的计划。

监管机构寻找计划赞助商，以完成对投资阵容的充分性的定期审查。您的审核的勤奋，包括需要合理的阵容和适当数量的投资选择，是关键。这种类型的审查超出了典型的练习，即看着性能与基准，并帮助您和信托赛确定您的阵容是否有适当的数量和投资类型。问这些问题：

• How many investment options is enough?
• Is there investment overlap or too much correlation within the lineup?
• 你能实现一个合适的吗level of diversification while eliminating some of the investment options?
• Can you add diversification to participant portfolios without increasing the number of fund choices by broadening the existing offerings?

Review what your employees (and your company) pay for fees

这可能是您将完成的最具挑战性的工作，您需要积极参与您的第三方管理员和您的投资顾问。提出以下问题：

• Are there cheaper available investment share classes? Can collective investment trusts or separate accounts be utilized in place of higher cost mutual funds?
• 该计划的行政费用是固定费用还是捆绑到投资成本？是否有机会简化这一点，并为您的会员资格变得更加透明的费用？
• 是否有额外的处理费（贷款，艰辛，陈述费用等），这些费用多年来一直到位，并且没有任何目的？这些费用是否与同龄人竞争？

• Better membership participation.
• More engaged employees (both in the plan, and in their job because they are less distracted by financial wellness issues).
• Better savings behaviors and retirement outcomes (leading to better workforce management results).
• 更好的投资选择。
• Lower investment fees.
• 作为赞助商的业务和信托风险较少。