Retirement Planners and Administrators (RPA)
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Defined Contributions Compliance Consultant Loren D. Stark Company (LDSCO)
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Pollard & Associates
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Defined Contribution Account Manager Nova 401(k) Associates
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Great Lakes Pension Associates, Inc.
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Regional Sales Director (West) July Business Services
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July Business Services
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July Business Services
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Retirement Solutions Specialists
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Greenline Wealth Management
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New York City District Council of Carpenters Benefit Funds
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Fringe Benefit Group
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Senior Specialist 401k Recordkeeping T Bank N.A.
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TPA Retirement Plan Consultant EPIC RPS (TPA/DPS)
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Press Release T. Rowe Price Releases Reference Point Report Featuring Latest Trends in 401(k) Participant Behavior and Plan Design |
Issued by T. Rowe Price June 30, 2020 |
Baltimore: June 30, 2020 More rollovers, fewer loans in 2019–but the global pandemic could impact these trends for 2020 T. Rowe Price Retirement Plan Services, Inc. released today Reference Point, its annual benchmarking report featuring data and analysis related to 401(k) participant behavior and plan design, based on the firm’s full-service recordkeeping client data for 2019. T. Rowe Price’s focus on participant data and engagement is core to its offering. The firm provides these metrics to deliver insights that help plan sponsors, advisors, and consultants track plan performance, benchmark progress, and implement strategic plan design features to deliver outcomes that benefit participants and their retirement savings outcomes. Kevin Collins, head of Retirement Plan Services said, “The report analyzes past data to help our clients plan for the future and to guide participants toward better retirement outcomes. This year is different, of course; as we dissected the data from 2019, we could not ignore these changes we have experienced so far in 2020. The coronavirus pandemic affected the way we live, the way we work, and even the way we interact with our clients and the retirement plan participants we serve.” While 2020 could influence or even reverse some of the retirement plan trends identified in the 2019 report, the company summarized the following findings related to participant behavior and plan design:
Collins added, “We recognize the financial strain of the coronavirus pandemic could have repercussions long after 2020. We know that life evolves and priorities change, and we continue to see—now more than ever—the importance and significant impact plan design and financial wellness programs have on keeping participants on track with their financial priorities.” |
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