An annual retirement survey by BlackRock polls plan sponsors about their beliefs, attitudes and concerns in three major areas of opportunity for tapping the full potential of DC plans, clarifying key retirement concerns and driving better savings behavior. The 2013 survey uncovered three insights:
• DC plans have untapped potential for influencing savings and creating a more positive workplace culture.
• Retirement income clarity can drive savings.
• Participants like automatic features and management.
Responses indicate that participants see their DC plans in the larger context of the total workplace culture and suggest that they may even view them as expressions of corporate values. Yet to an extent, plan sponsors may not recognize how positively participants perceive the benefits of their plans — with only one in three believing that the majority of their participants recognize their value.
A key takeaway is there may be a missed opportunity for plan sponsors — 80% of participants say the more their employer improves their plan, the more they believe they care about them as employees. But 56% aren’t certain their employers will give them all the help they need when saving for retirement at work.
