The 20 Rising Stars of Retirement Plan Advisors 2007 - (Page 20) sponsored article Solving Working America’s Retirement Challenge A New Approach By James K. Cornell Senior Vice President, Employer Marketing FIDELITY EMPLOYER SERVICES COMPANY GIVEN THE TWIN REALITIES of escalating benefit costs and an increasingly transient workforce, recent decades have seen a dramatic decline in the number of Defined Benefit (DB) and retiree medical plans. Combined with increasing longevity, skyrocketing health care costs and the uncertain future of Social Security benefits, forces are converging to create a “perfect storm” that could threaten retirement security for many Americans. Defined Contribution (DC) workplace savings plans like the 401(k) now cover more than 60% of U.S. employees, while DB plans cover only about 20%.1 With this dramatic shift to a DC world, employees now have more responsibility for their own financial security in retirement—and they need help. “By embracing three cornerstones of success, Fidelity believes that employers can help put their employees on the right path to retirement.” SEPTEMBER 2007 20 RETIREMENT PLAN ADVISORS RISING STARS
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