The year is coming to a close and, frankly, while excited for what lies ahead, I'm saddened to see the end of 2013. 2013 proved to be another great year both on a personal and professional level and while I reflect back on all of the success we've been having, I remind myself to be mindful of what lies ahead, 2014!
As we transition past the legislative issues that have been bogging down the industry (MEP's, Fee Disclosure, fiduciary definition, etc.), the industry finally starts to put service improvement at the forefront. In this article, published in Employee Benefit News, author Robert Lawton highlights five trends that he seems coming for 2014 and beyond and, candidly, I agree with him!
1.) Simple, simpler, and simply simplify!! - Plans, that is.
2.) More Target Date fund and/or managed account usage for participants.
3.) Focus on outcomes
4.) Retirement Readiness - Seems like tied to #3 to me.
5.) Shift from cost reduction and into monitoring
Below is a link to the complete article. I hope Mr. Lawton has a perfect Crystal Ball.
http://ebn.benefitnews.com/blog/ebviews/top-5-401k-plan-trends-2014-2738237-1.html
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