Trends in nonqualified deferred compensation plans
From Our Friends at Principal Financial Services
For the 13th year, the annual nonqualified deferred comp plan research results are in, and they reveal that plan sponsors view this offering as a valuable recruiting tool while plan participants prioritize communication and personalization. The latest research results provide timely statistics and trends from the view of plan sponsors and participants—and can help you benchmark against your peers and gain valuable insights.
The key findings from this year’s study prove continued value and need for deferred comp plans—even during a pandemic.
What employers had to say
Likely to make positive or no changes to benefits or staffing due to the pandemic
Think doing business with Principal is easy
Helping employees save for retirement is key
Providing competitive benefits is even more important
Still unlikely to make plan changes
Retention still key, but an increase in those valuing the plan as a recruiting tool
The role of the financial professional is still valued
Attitudes toward the plan are positive
What key employees told us
Pandemic impacts make them more likely to stay with their current employer
High overall satisfaction with Principal
Participants value the plan
Retirement remains a top priority
The income bridge strategy is a popular approach in retirement
Employer match and affordability impact participation
They're confident in their retirement savings