Workers Understand Other Benefits More than Retirement Benefits

[PLANSPONSOR.COM]

September 9, 2009 (PLANSPONSOR.com) - A new study shows that most workers do not understand their retirement savings plans as well as other employer-provided benefits.

One in three (34%) Americans polled say they have little or no understanding of their retirement plan and three in four (74%) say they have less than a complete understanding, according to a press release from The Hartford Financial Services Group, Inc. …

One in five (19%) plan participants say they look to their place of employment for guidance on retirement savings matters, while other key influencers cited by survey respondents are financial advisers (15%), spouses (13%), immediate family (12%), the Internet (9%) and program providers (7%). …

"With millions of Americans entering or approaching retirement within the next five to 10 years, it’s critical that we understand how to make the most of our retirement benefits," said Jamie Ohl, senior vice president of The Hartford’s Retirement Plans Group, in the press release. "Although The Hartford places a high priority on educating retirement plan participants, there is more that we and the rest of the industry need to do to promote greater understanding and higher utilization of retirement plans."

Rebecca Moore editors@plansponsor.com