A new article from Plan Sponsors states that “More than seven out of 10 (71%) employed Americans were more likely to stay with an employer that offered an employer sponsored a 401(k), 403(b) or 457 retirement savings plan, an increase from 60% in a 2022 survey, according to the “Voya Consumer Omnibus Research: Retirement Report Q2 2023” from Voya Financial.”
The figure was significantly higher for respondents with a managed account (85%), as compared with all others (64%), the survey found.
If plan sponsors were not already aware of the evidence that employees are choosing to work for and remain employed for longer periods by employers that offer a retirement plan benefit, Voya Financial found that employers remain a critical source for retirement savings support, as revealed by participants’ responses.
Voya found that 51% of employed Americans were more likely to stay with their current employer if offered education, guidance, tools and resources to help them reach their retirement goals, and that this is higher among those with student loan debt (63%), compared with those with no student loan debt (48%).
Click here to read the Plan Sponsor article in its entirety.
Copper Leaf Financial, LLC is a fee-only, registered investment advisor, serving clients nationwide from offices in Williston and Rutland, VT. One of the firm’s main areas of focus is on providing 401k retirement plan solutions for businesses. Copper Leaf is part of a group that serves more than 1,500 retirement plans and is helping over 50,000 Americans on their journey to retirement. Our approach is based on a simple fiduciary promise: to do what’s right for you, your company and your employees, no matter what. In addition to building new plans we offer employers with existing retirement plans a complementary second opinion on the health of their plan.