Mercer is a major bank and finance institution serving many people across North America. Your best bet for things such as pensions or anything to do with 401k should be addressed to the contacts at Mercer HR Services.
For those people with US-based accounts, please call 866 454 6477. And for those account holders with Canada-based accounts, you will need to contact 877 963 7237 (877 9MERCER)
Employers are divided on whether the 401(k) plan - which has become more common than the traditional pension plan - is meeting employees’ retirement savings needs, according to a recent Mercer survey.
Mercer recently undertook a survey of 180 employers, all of whom sponsor a 401(k) plan. Some (41 per cent) also sponsor an active pension (defined benefit) plan, of which 63 per cent are open to new hires; an additional 26 per cent sponsor a frozen defined benefit plan.
Their responses reveal a difference of opinion on the success of the 401(k) plan and whether the current system can address the obstacles to success from poor participation to the conditions of the market.
Respondents tend to differ in their perceptions about whether the responsibility for achieving adequate retirement savings rests with the employer, the employee or is shared. Employers with DB plans open to new entrants tend to see it as a shared responsibility (81 per cent) or mainly the employer’s responsibility which is 15 per cent.
The survey also explored the barriers and obstacles to participants’ reaching their retirement income targets and the chances to correct their financial path. Employees’ failure to participate in their employer’s plan was cited by almost 40 per cent of respondents as the most critical obstacle. According to Amy Reynolds from Mercer, "Low participation is the challenge most difficult to address during a recession.”
For those people with US-based accounts, please call 866 454 6477. And for those account holders with Canada-based accounts, you will need to contact 877 963 7237 (877 9MERCER)
Employers are divided on whether the 401(k) plan - which has become more common than the traditional pension plan - is meeting employees’ retirement savings needs, according to a recent Mercer survey.
Mercer recently undertook a survey of 180 employers, all of whom sponsor a 401(k) plan. Some (41 per cent) also sponsor an active pension (defined benefit) plan, of which 63 per cent are open to new hires; an additional 26 per cent sponsor a frozen defined benefit plan.
Their responses reveal a difference of opinion on the success of the 401(k) plan and whether the current system can address the obstacles to success from poor participation to the conditions of the market.
Respondents tend to differ in their perceptions about whether the responsibility for achieving adequate retirement savings rests with the employer, the employee or is shared. Employers with DB plans open to new entrants tend to see it as a shared responsibility (81 per cent) or mainly the employer’s responsibility which is 15 per cent.
The survey also explored the barriers and obstacles to participants’ reaching their retirement income targets and the chances to correct their financial path. Employees’ failure to participate in their employer’s plan was cited by almost 40 per cent of respondents as the most critical obstacle. According to Amy Reynolds from Mercer, "Low participation is the challenge most difficult to address during a recession.”
