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Defined Benefit Specialist II or III Nova 401(k) Associates
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Retirement Combo Plan Administrator Heritage Pension Advisors, Inc.
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July Business Services
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3 Matching News Items |
| 1. |
Retirement Loan Eraser
Feb. 27, 2020
"[A] FORTUNE 500 retailer [recently] announced their intent to lay off 2,000 employees in the coming years.... If a fifth of the 2,000 employees had a loan out, which evidence suggests that they do, that equates to approximately $984K in outstanding loans that either will need to be repaid by the impacted employees, or risk defaulting, costing the employees' taxes, penalties, and lost earnings.... [Applying] a modest 6% growth rate to this amount for the next 33 years, the $984K grows to over $7M in lost retirement savings for these employees."
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| 2. |
Retirement Loan Eraser
Oct. 29, 2019
16 pages. "How do participants feel about loans, how are they using them, and how are participants affected by plan sponsor decisions related to the loan feature? Addressing the 'voice of the participant' -- and what we can learn from these voices -- is the purpose of this report."
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| 3. |
Retirement Loan Eraser
Aug. 29, 2019
"[O]ver a five-year period, as many as 40% of participants take a loan, [and] nearly 9 in 10 participants who lose their job with a loan outstanding will default. The reality is that employees continue to be financially stressed -- hence the continued employer focus on financial wellness programs -- and a large proportion will continue to borrow from their 401(k) to fight financial fires that arise."
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