|Site highlights study that providers, intermediaries, consultants and advisors can use to better serve the government market
RADNOR, Pa., December 5, 2017 -- Lincoln Financial Group (NYSE: LNC) announced today that its Retirement Plan Services business launched a new website showcasing insights from its study of 4,100 government plan sponsors. The study showed employers are demanding better technology, new plan designs and personalized service from their service providers to help increase employee participation in retirement plans.
The majority of government employers (53 percent) said they offer a defined contribution plan because they want to help their employees save for retirement, but only slightly more than half of those employers feel they are succeeding. Additionally, participation rates in defined contribution plans offered by government employers is significantly less than in 401(k) plans. The average participation rate in 401(k) plans is 82 percent /1/, while it is only 44 percent in government plans.
The new website provides easy access to data from the study, which included respondents from all areas of government, including counties, special tax authorities, towns, federal, states and cities. Visitors to the site can also see key findings from the study, as well as articles related to government plans.
“Whether visitors spend one minute or one hour on our new website, I’m confident they will pick up something that will help government plan sponsors or employees,” said Gregg Holgate, head of institutional retirement distribution, Retirement Plan Services, Lincoln Financial Group. “Government plan sponsors want more focus on communication and increased participation rates, because ultimately they want to help their employees save for retirement. For providers, consultants and advisors, these are actionable insights that will help better serve the government market.”
For more information about the study or to download the accompanying whitepaper, visit www.lincolnfinancial.com/governmentinsights.
About Lincoln Financial Group
Lincoln Financial Group provides advice and solutions that help empower people to take charge of their financial lives with confidence and optimism. Today, more than 17 million customers trust our retirement, insurance and wealth protection expertise to help address their lifestyle, savings and income goals, as well as to guard against long-term care expenses. Headquartered in Radnor, Pennsylvania, Lincoln Financial Group is the marketing name for Lincoln National Corporation (NYSE:LNC) and its affiliates. The company had $246 billion in assets under management as of September 30, 2017. Lincoln is a committed corporate citizen and was named one of the Forbes Best Employers for 2017, is a member of the Dow Jones Sustainability Index North America, and received a perfect score of 100 percent on the 2017 Corporate Equality Index. Learn more at: www.LincolnFinancial.com. Find us on Facebook, Twitter, LinkedIn, and Instagram. To sign up for email alerts, please visit our Newsroom at http://newsroom.lfg.com.
About Retirement Plan Services
For more than 50 years, Lincoln Financial Group’s Retirement Plan Services (RPS) business has been helping savers boost their retirement readiness through employer-sponsored plans. Our retirement plans help employers recruit and retain top talent, while our combination of high-tech and high-touch service creates an engaging customer experience that drives positive outcomes. The RPS business helps people understand how steps they take today can help them get to and through retirement tomorrow. The business serves approximately 1.4 million participants through 21,000 plan sponsors with $65 billion in assets under management as of September 30, 2017.
About the Lincoln Government Plan Study
The Lincoln Government Plan study involved phone and online surveys of 4,100 governmental defined contribution plan sponsors. Respondents represent federal, state and local levels of government with plan assets ranging from under $100 million to over $2 billion. This research was conducted from April to August of 2016 by the Lincoln Financial Group Research and Insights Team in partnership with Qualtrics, a well-respected U.S.-based, global research firm. For more information, visit www.lincolnfinancial.com/governmentinsights.
/1/ 59th Annual Survey of Profit Sharing and 401(k) Plans, Plan Sponsor Council of America, 2016.