I've led Aon and its clients through numerous events and changes, including, most recently, passage of the SECURE Act and introduction of Pooled Employer Plans (PEPs), financial crises and the "perfect storm" for pension financing, the Protection Protection Act, health care reform, and medicare changes. In addition to consulting with clients, I have appeared on CNBC, testified before the U.S. Senate on pension issues, and been quoted in numerous financial and business publications. I also participate in numerous meetings in Washington and on Capitol Hill each year to help produce better outcomes for American workers and businesses.
For all age groups, however, average 401(k) balances were down 23% in 2022 due to declines in both stocks and bonds.
Congress urged to work together to enact legislation that will lower costs and update regulations to enable 403(b) plans to take advantage of PEPs.
Firm cuts participant fees in half, leading to higher employee retirement savings and lower costs for employers Leaders urge Congress to pass legislation to allow 403(b)programs into PEPs CHICAGO,...
“We believe that PEPs are the next generation of retirement savings because they reduce work for employers, reduce risk for fiduciaries and reduce costs and improve results for employees,” Jones explains. “We are ready to target this multi-trillion-dollar market with a dedicated sales team that will give clients the clarity and confidence they need to make better decisions to protect and grow their business.”
There’s a compelling value proposition really to employers of all sizes. The stream of lawsuits in the 401(k) space suggest the risks are ramping up, and plan sponsors are taking note of that. Aon has been in discussions with numerous employers about the forthcoming plan, though it had not been able to move forward with offers. Now that the plan record keeper has been announced, it can provide more specific price information to prospective clients.