The Retirement Plan industry is under pressure to provide innovative solutions that can encourage employees to save more for their retirement. However, they face many challenges. Outsourcing can help!
The Setting Every Community Up for Retirement Enhancement (SECURE) Act’s version 2.0 is expected to be released in December 2022. It builds on the first version of the act. SECURE Act 2.0 aims to address its shortcomings and cater to the retirement financial wellness of part-time employees.
The retirement plan industry is ripe for digital transformation. For years, the industry has relied on legacy systems and processes that are no longer effective in today’s fast-paced digital world.
Data is the backbone of the US retirement plan industry. Without accurate and timely data, it would be difficult for retirement plan providers and recordkeepers to make sound decisions.
Technology helps derive insights from various data, including detailed information on plan sponsors, participants, assets, and investment options.
To sustain in the highly competitive market, retirement plan service providers must spend more on digital transformation. They must adopt new-age technology to address customer service issues and deliver personalized services with self-service options. Besides offering convenience, using digital platforms helps cut down costs for recordkeepers.
Finding a reliable service provider can be challenging, especially in an industry as nuanced and evolving as the retirement sector. But by carefully choosing your outsourcing vendors, you can add considerable value to your business efficiency. If you’d like to know more, do get in touch with us.
Do you know over 70% of Gen X-ers and 42% of Gen Z-ers are planning for retirement already? The twist here is none of them…
The US retirement system is under rising pressure as it faces increasing competition, decreasing revenue growth, escalating regulatory pressure, and an aging population. The structural challenges that contribute to these challenges are unlikely to ease in the near future.
The expense and effort of handling retirement plan administration in-house are constantly increasing while compliance with the Employee Retirement Income Security Act (ERISA) guidelines and new rules and regulations such as SECURE Act and CARES Act adding to the pressure. Hiring an in-house team is a full-time expense.