The Changing Landscape in the 401(k) Marketplace: What’s Next?

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Steven W. Kaye, Founder and President of AEPG® Wealth Strategies, spoke at the national ISCEBS symposium about “The Changing Landscape in the 401(k) Marketplace: What’s Next?”

Steven W. Kaye, President & Founder, AEPG® Wealth Strateiges

Given the increasing complexity in the financial markets, there is an increasing focus on education for plan participants in 401(k) plans, said Kaye.

Steven W. Kaye, Founder and President of AEPG Wealth Strategies®, spoke at the national ISCEBS (International Society of Certified Employee Benefit Specialists) symposium August 8, 2012 about “The Changing Landscape in the 401(k) Marketplace: What’s Next?” Kaye discussed best practices in defined contribution plans to ensure plan sponsors and participants are truly getting the best services and support in their plans. Specifically, Kaye reviewed the various areas of plan governance, operation and education where increased focus will be important for future plan success.

“Given the increasing complexity in the financial markets, there is an increasing focus on education for plan participants in 401(k) plans,” said Kaye.

According to Employee Benefit Research Institute calculations, a quarter of workers (23 percent) continue to say they are not at all confident that they will have enough money to live comfortably throughout their retirement years (slightly below the 27 percent measured in 2011). Another 24 percent are not too confident they will have enough money, making nearly half of all workers not too or not at all confident of having enough money for retirement. Although one might expect that American workers would react to their lack of retirement confidence by improving their preparations for retirement, that does not appear to be happening. Less than half of workers (42 percent) report they and/or their spouse have tried to calculate how much money they will need to have saved so that they can live comfortably in retirement, according to Employee Benefit Research Institute.

To meet this growing need to educate employees, AEPG® Wealth Strategies offers Advisor on Demand™, which provides plan participants direct access to a CFP® professional either over the phone or online. The CFP professional can give advice on a variety of retirement related concerns to assist the participant in maximizing their retirement plan.

Steven W. Kaye, holds the CEBS designation as well as the CFP®, ChFC, CLU, RHU, AAMS, CRC, AIF®. He is a frequent speaker on 401k and wealth management topics, at conferences across the country.

About ICEBS: The International Society of Certified Employee Benefit Specialists (ISCEBS) is the premier interactive community providing educational resources, innovative thinking and collective wisdom to help members excel and prosper in their careers. This membership organization is for those who have earned the Certified Employee Benefit Specialist (CEBS), Group Benefits Associate (GBA), Retirement Plans Associate (RPA) and Compensation Management Specialist (CMS) designations.

About AEPG ® Wealth Strategies: For more than 30 years, the clients of AEPG Wealth Strategies have benefitted from our personalized, comprehensive wealth management and financial advisory services. Our services to individuals and families, business owners and corporations include: 401(k) and Retirement Plan Solutions, Financial Planning, Investment Management, Individual Insurance, and Group Insurance. For more information go to http://www.aepg.com

Source: Employee Benefit Research Institute ebri.org Issue Brief • March 2012

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