PLANSPONSOR - December/January 2020 - 33
FEATURE
T
he term " Millennial " has been shorthand for " young adult " for decades now, meaning
the oldest members of the generation are not quite so young anymore.
The oldest Millennials, depending on which age range you use, have just
reached the tail end of their 30s. They are well into their professional lives with children,
mortgages and aging parents. If they have not started saving for retirement yet, experts
note, they have already missed out on more than a decade of valuable compounding.
This group is vastly more experienced than the youngest Millennials, who graduated
from college a few years ago. Taken as a whole, Millennials now compose the largest
demographic in the workforce, according to Pew Research Center, and they are a group on
whom plan sponsors are increasingly focused.
" Retirement for Millennials is far off. But ignoring or under-saving for retirement will
make it that much farther off, " says Mark Smrecek, director, retirement, at Willis Towers
Watson in Chicago.
MILLENNIAL CHALLENGES
While Millennials are the most educated generation in history, they also face numerous
disadvantages when it comes to saving for retirement.
The economy. The economy has been in expansion mode for more than a decade,
but slow growth in the aftermath of the Great Recession meant the careers of many
Millennials got off to a rocky start.
The oldest Millennials were in college during the dot-com bust, and the recession hit
them hard in their 20s. They were among the most likely to be laid off from jobs, and they
witnessed older co-workers and family members lose massive amounts of wealth in both
Art by Wren McDonald
PLANSPONSOR.COM December 2019 - January 2020 33
PLAN DESIGN
CAN BE REJIGGERED
TO BETTER ENGAGE
MILLENNIALS
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PLANSPONSOR - December/January 2020
Table of Contents for the Digital Edition of PLANSPONSOR - December/January 2020
The Savings Hierarchy
2019 PLANSPONSOR Best in Class DC Providers
On Their Own Terms
HSA Investment Options
Steady as It Goes
The Employer Component
PLANSPONSOR - December/January 2020 - Cover1
PLANSPONSOR - December/January 2020 - Cover2
PLANSPONSOR - December/January 2020 - 1
PLANSPONSOR - December/January 2020 - 2
PLANSPONSOR - December/January 2020 - 3
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PLANSPONSOR - December/January 2020 - 11
PLANSPONSOR - December/January 2020 - 12
PLANSPONSOR - December/January 2020 - 13
PLANSPONSOR - December/January 2020 - The Savings Hierarchy
PLANSPONSOR - December/January 2020 - 15
PLANSPONSOR - December/January 2020 - 16
PLANSPONSOR - December/January 2020 - 17
PLANSPONSOR - December/January 2020 - 2019 PLANSPONSOR Best in Class DC Providers
PLANSPONSOR - December/January 2020 - 19
PLANSPONSOR - December/January 2020 - 20
PLANSPONSOR - December/January 2020 - 21
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PLANSPONSOR - December/January 2020 - 29
PLANSPONSOR - December/January 2020 - 30
PLANSPONSOR - December/January 2020 - 31
PLANSPONSOR - December/January 2020 - On Their Own Terms
PLANSPONSOR - December/January 2020 - 33
PLANSPONSOR - December/January 2020 - 34
PLANSPONSOR - December/January 2020 - 35
PLANSPONSOR - December/January 2020 - 36
PLANSPONSOR - December/January 2020 - 37
PLANSPONSOR - December/January 2020 - HSA Investment Options
PLANSPONSOR - December/January 2020 - 39
PLANSPONSOR - December/January 2020 - Steady as It Goes
PLANSPONSOR - December/January 2020 - 41
PLANSPONSOR - December/January 2020 - The Employer Component
PLANSPONSOR - December/January 2020 - 43
PLANSPONSOR - December/January 2020 - 44
PLANSPONSOR - December/January 2020 - 45
PLANSPONSOR - December/January 2020 - 46
PLANSPONSOR - December/January 2020 - 47
PLANSPONSOR - December/January 2020 - 48
PLANSPONSOR - December/January 2020 - Cover3
PLANSPONSOR - December/January 2020 - Cover4
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