Providing Guidance with the Goal of Improving Retirement Outcomes
- Only 4% of employers are very confident their employees will have adequate retirement assets1, which is down from 30% in 2011.
- The “employee education and communication only” approach isn’t working:
-- 57% of employees ages 55+ have not used a retirement calculator to determine whether or not they are on track for an adequate retirement income2.
-- 70% do not have the time, interest or knowledge to manage their retirement plan3.
- The online advice model is not getting traction. Industry average of 10% adoption rate when offered professional investment advice/managed accounts3.
- Employers struggle to meet fiduciary challenges trying to keep in touch with separated employees - a challenge that will compound with automatic enrollment.
There is a long way to go to transform what was intended to be a supplemental retirement plan to what is now the primary retirement vehicle for most Americans. Building a successful retirement program can be a daunting task, especially with all the other demands that come with running an organization. SHA Retirement Group seeks to be an extension of our clients’ organization by helping to simplify the process. We were founded on the belief that every employee should retire with adequate income replacement—the ability to replace a paycheck with savings and social security. Through assistance with plan design and overall financial wellness, we help employers create an effective retirement program.
For more than 11 years, SHA Retirement Group has advised organizations with the goal of positively impacting the futures of employees while reducing fiduciary risk and overall long term cost. We specialize in 401(k), 403(b), defined benefit, and nonqualified deferred compensation plans. Based in the greater Detroit, Michigan area, our clients are colleges, universities, and businesses in the manufacturing, automotive, and service industries.
At SHA Retirement Group, we leverage our extensive resources to bring suitable solutions to connect clients’ objectives to a program that is effective, measurable, and helps provide employees with the opportunity for long term retirement planning.
1 2012 Aon Hewitt Employee Benefits Study: April 16, 2012, PLANSPONSOR.com
2 Society of Human Resource Management, September 2011
3 401k Plans Under Pressure, Charles Schwab, Advantage 2011