PLANSPONSOR - April - May 2022 - 18

PLAN DESIGN | COVER STORY
LENS
THE
How to adjust
a retirement
plan for
diversity,
equity and
inclusion
E
ighty-two percent of large companies say they are very likely or moderately likely to
expand inclusion and diversity efforts in their retirement and financial well-being
plans this year, according to an Alight Solutions survey. Alight's " 2022 Hot Topics
in Retirement and Financial Wellbeing " study analyzes responses from over 110 organizations
employing more than 4 million workers.
An Alight Solutions paper released earlier this year, " Improving Retirement
Readiness for Underrepresented Groups, " illustrates some of the diversity, equity and
inclusion issues sponsors confront when it comes to employees saving for retirement.
White families are 50% more likely to have a retirement account than their Black counterparts,
and more than twice as likely as Hispanics, the paper says, citing Federal Reserve
data. According to the Fed, 65% of white families own at least one retirement account,
compared with 44% of Black families and 28% of Hispanic families. The paper also cites
2017 MassMutual findings that 70% of LGBTQ+ workers reported feeling they have
fallen behind on their retirement saving.
It is important to look at where an employer's workplace savings program stands on
DE&I issues, says Rob Austin, head of research at Alight in Charlotte, North Carolina.
" Those differences might not necessarily be the case at a specific employer, particularly
if it has plan design features such as automatic enrollment, which tends to be colorblind, "
he says. " But we know that, overall, there are often differences in saving and investing
18 PLANSPONSOR.COM April - May 2022
Art by Nan Lee
http://www.PLANSPONSOR.COM

PLANSPONSOR - April - May 2022

Table of Contents for the Digital Edition of PLANSPONSOR - April - May 2022

INSIGHTS
INDUSTRY ANALYSIS
RULES & REGULATIONS
UPFRONT
The DE&I Lens
By Design
Things People Do
Leakproof Your Plan
The ESG Decision
When Retirees Stay in the Plan
PLANSPONSOR - April - May 2022 - Cover1
PLANSPONSOR - April - May 2022 - CT1
PLANSPONSOR - April - May 2022 - CT2
PLANSPONSOR - April - May 2022 - Cover2
PLANSPONSOR - April - May 2022 - 1
PLANSPONSOR - April - May 2022 - INSIGHTS
PLANSPONSOR - April - May 2022 - 3
PLANSPONSOR - April - May 2022 - INDUSTRY ANALYSIS
PLANSPONSOR - April - May 2022 - 5
PLANSPONSOR - April - May 2022 - RULES & REGULATIONS
PLANSPONSOR - April - May 2022 - 7
PLANSPONSOR - April - May 2022 - 8
PLANSPONSOR - April - May 2022 - 9
PLANSPONSOR - April - May 2022 - UPFRONT
PLANSPONSOR - April - May 2022 - 11
PLANSPONSOR - April - May 2022 - 12
PLANSPONSOR - April - May 2022 - 13
PLANSPONSOR - April - May 2022 - 14
PLANSPONSOR - April - May 2022 - 15
PLANSPONSOR - April - May 2022 - 16
PLANSPONSOR - April - May 2022 - 17
PLANSPONSOR - April - May 2022 - The DE&I Lens
PLANSPONSOR - April - May 2022 - 19
PLANSPONSOR - April - May 2022 - 20
PLANSPONSOR - April - May 2022 - 21
PLANSPONSOR - April - May 2022 - By Design
PLANSPONSOR - April - May 2022 - 23
PLANSPONSOR - April - May 2022 - 24
PLANSPONSOR - April - May 2022 - 25
PLANSPONSOR - April - May 2022 - 26
PLANSPONSOR - April - May 2022 - 27
PLANSPONSOR - April - May 2022 - Things People Do
PLANSPONSOR - April - May 2022 - 29
PLANSPONSOR - April - May 2022 - 30
PLANSPONSOR - April - May 2022 - 31
PLANSPONSOR - April - May 2022 - Leakproof Your Plan
PLANSPONSOR - April - May 2022 - 33
PLANSPONSOR - April - May 2022 - The ESG Decision
PLANSPONSOR - April - May 2022 - 35
PLANSPONSOR - April - May 2022 - When Retirees Stay in the Plan
PLANSPONSOR - April - May 2022 - 37
PLANSPONSOR - April - May 2022 - 38
PLANSPONSOR - April - May 2022 - 39
PLANSPONSOR - April - May 2022 - 40
PLANSPONSOR - April - May 2022 - Cover3
PLANSPONSOR - April - May 2022 - Cover4
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