DC Plan Risk, and How to Manage it

当雇主从界定的福利达到界定缴费计划的巨大迁移时，一个关键目标是降低风险敞口，主要涉及保证养老金所产生的未来负债。除了享受计划参与者的可移植性外，401（k）模式还承诺对雇主的风险较少，因为退休保障转移到雇员的主要责任。

The defined contribution structure carries its own risks, however. A host of competing financial priorities, including high student and other debt burdens, child-rearing and providing home care for elderly family members, paired with a lack of financial literacy, have kept the saving rate stubbornly low; the opportunities and incentives that 401(k)s provide are only a partial counterbalance. For the plan sponsor, these low savings rates bring the risk that many employees will not be able to relinquish their jobs by the time they reach retirement age. Our recent survey of over 500 sponsors of 401(k) plans with assets of $50 million and above, in partnership with Prudential, found that although 61 percent say the overall health of their 401(k) plan is excellent, large groups judge their plan only fair to poor when it comes to:

• Company match (42 percent),
• Range of asset classes and categories offered (45 percent),
• Quality of investments offered (42 percent),
• 费用结构的竞争力（44％），
• Expense ratio (47 percent) and
• Financial education programs (45 percent).

Why do so many plan sponsors fall short of creating well-designed 401(k) plans? In a series of one-on-one interviews with plan sponsors and consultants, we identified five key areas of vulnerability that expose employers and employees to greater retirement plan risk.

不为计划提供资金：顾问说，一个大量的雇主比赛对于成功的401（k）计划至关重要 - 不仅是雇员参与和最大化他们的贡献的激励，而且因为它鼓励他们重视公司提供的福利，因此公司本身。然而，雇主比赛水平广泛变化，并且随着时间的推移并没有一致。许多计划赞助商在2008年级的金融衰退期间减少了比赛，只有慢慢恢复它，如果所有人都在展示顾问顾问集团公司的詹妮弗·弗罗迪丁，定义贡献实践领导者的速度

泄漏：钱,除401 (k)计划并不总是stay there. Leakage of assets can occur in three ways: through loans, in-service withdrawals and cash-outs when employees change jobs. The Employee Benefit Research Institute has estimated that for workers with at least 30 years of 401(k) eligibility, leakage reduces the probability of achieving an 80 percent real replacement rate, including 401(k) accumulations and Social Security benefits, by 8.8 percentage points for the lowest-income quartile and 7 percentage points for the highest.

“人们在职业生涯中改变了五六次或六次的工作，他们不会将他们的资金”进入IRA或新的雇主计划，塔尔斯·沃森队界定咨询领导者。“这是一个重要的话题，但没有人会熄灭并阻止他们在离开时花钱。”计划结构可能无意中能够使参与者能够减少他们的退休资产，即使它们仍然存在多年的工作。“我们必须找到利用多种贷款和在职提款来限制参与者将自己剥离自己的能力，”弗推二世说。“人们并没有尽可能地谈论这一点。”在USG公司的建筑材料制造商处，其10亿美元的资产401（k）计划享有高度的参与和贡献率，员工福利主任汤姆Foley表示，如果他可以改变一件事，“这将是在限制贷款和提款时接受另一次传球。“

Solving the wrong problems:Consultants agree that many plan sponsors spend too much time deliberating over their choices of investment options and too little considering whether the overall plan structure is appropriate for their employee demographic. “Participants are unique; therefore, plan sponsors need to consider all sources of net income when they're designing a plan,” says Mark Teborek, senior consulting analyst at Russell Investments. Determining the plan design structure inclusive of auto features and whether or not to offer a Roth 401(k) option are examples of decisions that need to be made thoughtfully, taking participant demographics into account, says Flodin. Similarly, education all too is not tailored to participants' level of financial literacy. “Consider an approach that talks about overall financial wellness instead of stale large-vs.-small-cap discussions,” she suggests.

Lack of resources:创建和维护一个-designed 401(k) plan takes money and time — which many smaller plans do not have. “Everybody is short-staffed right now,” Credico says, “and they don't necessarily have the time to make appropriate decisions.” Almost two thirds (62 percent) of plan sponsors we surveyed, along with 81 percent of respondents in an accompanying survey of consultants and advisors, agree that providing one-on-one advice on asset allocation and financial planning is very effective. “Ninety-five percent of my clients would love to have a financial wellness solution that includes one-on-one advice,” says Flodin. “But it's costly.” Another very effective practice is to focus on keeping plan fees and other costs low, say 61 percent of survey respondents and 69 percent of consultants. But obtaining better fees is easier for large plans. “At our size, we get good fees,” says Robert Hunkeler, vice president of investments at International Paper, which has $5 billion in 401(k) assets.

Reluctance to act:随着401（k）资产的快速增长，来自政府的更大审查。虽然2006年养恤金保护法案为自动注册和目标日期基金等重要特征提供了一个安全的港，但劳工部（DOL）正在加剧其参与。DOL最近提请注意401（k）投资顾问的新信托标准;去年，它颁发了关于使用经纪窗口和自我导向的经纪帐户的信息的请求。

计划赞助商密切关注这些发展：33％的监管环境表示，在未来三年内，更改监管环境将对其计划产生很高的影响。一些顾问表达了令人担忧的是，小计划可能不太可能增加向参与者节省更多并节省更好的特征，如果他们认为它可能会吸引审查。“没有明确的DOL或IRS的明确指导没有人做任何事情，”USI咨询集团的保罗德国，定义贡献练习领导者，其401（k）客户平均资产约为4000万美元。“一旦他们说你可以，只有那么大多数计划赞助商都可以采用这些更有当代的功能。”

Despite these risks automatic enrollment and auto-escalation, as well as greater data-crunching capability enabling recordkeepers to track participant behavior more closely, could make it easier for even small plans to work with participants and encourage them in the right direction. But nothing beats a substantial company match, Denu adds.

自动注册：一种自动贡献安排，可以用作退休计划中的功能，以允许雇主在满足资格要求时自动注册公司计划中的员工。

Auto Escalation:计划设计选项，允许计划赞助商每年增加参与者延迟，以增量增加。

风险：Investing involves risk. Some investments are riskier than others. The investment return and principal value will fluctuate, and shares, when sold, may be worth more or less than the original cost, and it is possible to lose money. Past performance does not guarantee future results. Asset allocation and diversification do not assure a profit or protect against loss in declining markets.

The target date is the approximate date when investors plan to retire and may begin withdrawing their money. The asset allocation of the target date funds will become more conservative as the target date approaches by lessening the equity exposure and increasing the exposure in fixed income type investments. The principal value of an investment in a target date fund is not guaranteed at any time, including the target date. There is no guarantee that the fund will provide adequate retirement income. A target date fund should not be selected based solely on age or retirement date. Participants should carefully consider the investment objectives, risks, charges, and expenses of any fund before investing. Funds are not guaranteed investments, and the stated asset allocation may be subject to change. It is possible to lose money by investing in securities, including losses near and following retirement.

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