People running workplace retirement plans have a lot on their minds. We asked, and they answered.
Hiring and retaining employees is a recurring theme when employers talk about their priorities, challenges, concerns for their organizations and their retirement plans.
So everything is on the table as an incentive—raising salaries, adding mental health resources or helping pay off student loans. “Improving pay to retain talent is our priority,” said one plan sponsor.
employers say attracting and retaining employees is their greatest concern.
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of employers are concerned about how they can implement cost-cutting programs.
Top employer concerns at the institutional level
Current economic conditions have exacerbated a slow recovery from pandemic losses, and institutions are balancing cost cutting with increased labor costs and wage/benefit expectations.
One plan sponsor said: “I'm most worried about the (current) economic challenges because it's very important to survive and grow.”
Employer thinking at the plan level
In our 2022 survey of 326 American retirement plan sponsors, respondents ranked staying on top of fiduciary responsibilities as a top concern in managing their retirement plans.
They also reported their main reason and responsibility in offering retirement plans is to ensure their employees will have sufficient income in retirement. But it remains to be seen whether they’ll succeed.
as many employers say plans should provide income instead of savings.
say they are concerned about staying on top of their fiduciary responsibilities.
The employers we surveyed told us a lot more. Read the rest in the full TMRW publication.Opens pdf
To arrive at these findings, TIAA conducted qualitative interviews with 14 retirement plan sponsors in September 2022. We then sent an online quantitative survey to 326 plan sponsors at the end of October 2022. The plans surveyed were a mix of TIAA clients and non-clients, 60% of which had plan assets greater than $400 million.
