Transamerica Checks the Pulse of Higher Education Retirement Plans
Today, Transamerica released a new report providing insights into the challenges and opportunities facing higher education retirement plan administrators, their financial advisors, and consultants. Incorporating responses from almost 100 public, private, and for-profit institutions, Retirement Plan Trends in Higher Education can serve as a tool for the higher education community to assess and address retirement planning needs.
“While higher education institutions provide successful retirement plans and financial wellness programs, there is still more work to do,” said Laura Gaynor, defined contribution practice leader at Transamerica. “To better support their faculty and staff retirement goals, higher education retirement professionals can use this research to find creative ways to encourage plan participation and financial wellness, increase default contributions, implement measures to assess retirement readiness, and explore pooled plan arrangements.”
Transamerica’s report details trends in plan design and concerns of higher education institutions about the retirement readiness of faculty and staff, including the extent to which institutions are quantifying readiness. The report also highlights additional challenges, including measuring plan success, addressing regulatory issues, and managing plan administration.
Additionally, the report provides metrics on plan types, participation, and contributions at various colleges and universities. The survey reveals that higher education institutions face challenges regarding retirement planning, including periodic re-enrollment opportunities, motivating participants to save enough now for retirement, measuring the plan’s success, keeping up with regulatory changes, and effectively managing the workloads of their human resources staff.
The report is now available and can be a valuable resource for higher education institutions looking to enhance their retirement plans and financial wellness offerings. For more information or a copy of the report, visit www.transamerica.com.