Over the last few decades we have seen a massive shift in the retirement landscape. In the past the typical employee got a job at a stable company, stayed there for a few decades and retired with a pension that was guaranteed for life. Although a few of these situations still exist, in today’s ‘normal’ employees move freely from one employer to another and shoulder the bulk of the responsibility of funding their own retirement. This shift has created a critical need for advice related to company sponsored retirement plans.

Today, 74% of employers offer a defined-contribution retirement plan to their employees, and 73% of those employers offer a company match. This means that for most people, specifically those who do not own a business, their 401(k) plan will be their primary source of income for retirement. Additionally, most employees are not well equipped for this reality, as a recent U.S. census survey found that only a third of Americans are saving a percentage of their salary in a retirement plan.

Our 2016 strategic plan included an emphasis on building our 401(k) services to help participants properly prepare for retirement. Our process focuses on three primary areas: partnering with employers so that they fulfill their fiduciary roles related to their plan, selecting and monitoring the investments offered by the plan, and most importantly, providing financial guidance to the employees.

In this fall’s blog series we will take a more comprehensive look at our 401(k) services. We believe we have created a unique, process-oriented approach to serving this market and have already made significant inroads into partnering with employers to help their employees retire well.