Vestwell’s 2020 Employee Retirement Trends Report in the news

In November 2020, we surveyed thousands of employees who were either using Vestwell’s platform for their retirement plan or were eligible to do so. Our 2020 Employee Retirement Trends Report explored how some of this year’s major topics, namely racial unrest, the presidential election, and the global pandemic, intersected with 401(k) plans.

Check out some of the coverage.

Envestnet Introduces New Retirement Plan Solutions for Advisors: Tech Roundup

Envestnet has teamed with Vestwell to offer turnkey retirement plan solutions to financial advisors.

Vestwell is a digital recordkeeping platform that specializes in 401(k) and 403(b) plans. Through the new collaboration, advisors who use Vestwell’s platform can now access Envestnet’s 3(38) investment management services through Envestnet Retirement Solutions to provide clients with a turnkey solution.


Vestwell, Envestnet Partner on 401k Investment Management

Vestwell announced a partnership on Wednesday with Envestnet to give advisors who use its platform access to Envestnet’s 3(38) investment management services. Envestnet will provide plan-level fiduciary services, while Vestwell manages recordkeeping and plan administration. Vestwell noted that “over time, the relationship will expand to include other Envestnet offerings.”


Politics, Punditry and Superior Practice Management: Excel 401(k) 2020 Digital Series

An experiment in live and on-demand digital content came to a successful conclusion with the last session of the Excel 401(k) 2020 Digital Series.

Diverging from the “virtual conference” format popular during the COVID-19 crisis, the series featured one session daily at 3:30 pm eastern and ran from September 14th through November 20, 2020.

It featured financial pundits and professionals from across the 401k industry, with a heavy emphasis on practice management and improving firm performance to benefit plan participants.


What You Need to Know About a Safe Harbor 401(k)

This 401(k) retirement plan offers generous perks for small business owners and employees alike.

FOR WORKERS, A STANDARD 401(k) plan offers a straightforward and tax-advantaged way to save for retirement, but for employers, setting up a 401(k) plan is anything but simple. Companies who want to offer 401(k) savings plans to their employees must ensure they don’t run afoul of complicated government rules.

A key regulation for most 401(k) plans is the requirement for annual nondiscrimination tests that are designed to prove a plan doesn’t unfairly favor certain employees. “The purpose of a safe harbor plan is to exempt the (business) from those tests,” says Allison Brecher, general counsel and chief compliance officer for Vestwell, a digital retirement platform. By setting up a safe harbor 401(k), a business can provide its employees with the same tax benefits as a regular 401(k) plan but skip the onerous annual testing requirements.


Retirement Plan Success: Practical sponsors see it one way, advisors another

A Vestwell report suggests the disconnect between SMB plan sponsors and advisors could lead to a missed opportunity to increase retirement plan participation.

The majority of plan sponsors (87 percent) in the small and medium-sized business (SMB) space said they spend less than 10 percent of their time managing their company’s retirement plan, and nearly 60 percent said plan success can be measured by the time it takes to manage the plan — the less time the better. A similar percentage said having no administration errors was a sign of a successful plan. Both markers fall under the category of saving time and work for the sponsor, according to a new report by digital recordkeeping platform Vestwell.


How Plan Advisor and Plan Sponsor Priorities Differ

A new report based on the results of two separate surveys among plan advisors and plan sponsors looks at their perception of the industry as it relates to selling, adopting and maintaining plans.

Vestwell’s 2020 Retirement Trends Report analyzed these two profiles independently and comparatively to see where the groups align, where they differ and how they dictate current retirement trends. Conducted in August 2020, only advisors who sell retirement plans were allowed to respond to the advisor component of the survey, resulting in 434 responses. The sponsor survey included 164 plan sponsors that use Vestwell’s platform.


Advisors Say Retirement Plan Recordkeeping Needs an Overhaul

Vestwell, a digital retirement platform, surveyed 434 financial advisors and 164 plan sponsors in August to find out how they align, where they diverge and how they determine current trends in retirement.

Three out of four advisors in the survey said recordkeeping technology should be overhauled. Vestwell noted that their beliefs, versus those who believe that recordkeeping tech is fine as is, affected additional responses across the survey.