Page 71 - 2020 Peel & Holland Benchmarking Survey Results

Percent
Type Types of Retirement Plans
Number
401(k) Plan 69% 31
Roth 401(k) Plan 33% 15 Total 158% 71 WESTERN KENTUCKY EMPL OY EE BENEFIT S
403(b) Plan 11% 5 BENCHMARKING SURVEY
457 Plan 11% 5 RETIREMENT PLANS 2017
Pension Plan 20% 9
Other* 13% 6

Types of Retirement Plans Offered

80%

70% 69%

60%

50%

40%
33%

30%

20%
20%
13%
11% 11%
10%

0%
401(k) Plan Roth 401(k) Plan 403(b) Plan 457 Plan Pension Plan Other*
*Other types include: Employee Stock Ownership Plan (ESOP), Profit Sharing, Roth IRA, and a Simple IRA

KEY INSIGHT

Retirement and its In addition, more are likely to struggle • Are significantly behind, or haven’t
started, retirement savings
in the near future, as they navigate
role in financial potential market volatility. Poor financial • Plan to have their retirement savings
health health is connected to other behaviors. last fewer than five years
Employees are significantly more likely to • Expect to work in retirement
Retirement planning is an important have poor financial health if they: because of financial necessity
factor in overall financial well- • Don’t have a defined contribution Financial wellness resources, planning
being; however, many employees are plan (such as a 401(k), 403(b) or 457 tools, and retirement guidance are ways
significantly behind with their savings or plan) employers can help employees in the
haven’t yet started saving for retirement. • Don’t have, or don’t know if they wake of the crisis — connecting them to
Some feel pressure from short-term have, a defined contribution plan advisors or other resources to help them
financial needs, which can stall their (such as a 401(k), 403(b) or 457 plan) stay the course on their retirement plans.
ability to save by forcing them to take with an option that allows them to
an early loan or withdraw savings for convert their money at retirement Source: MetLife Employee Benefit Trends Study 2020
unplanned expenses or medical bills. into guaranteed income

PEEL & HOLLAND | 2020 Western Kentucky Employee Benefits Benchmarking Survey Results 69