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Search resuls for: "Dave Stinnett"


3 mentions found


☆ 401(k) plans have never been hotter. That’s changing the stock market
  + stars: | 2023-06-21 | by ( Nicole Goodkind | ) edition.cnn.com   time to read: +6 min
The bill, signed into law late last year, requires employers to automatically enroll all eligible workers into their retirement plans at a savings rate of 3% of salary. Americans had pension plans, Social Security benefits, and their own savings through plans like the 401(k). Those funds tend to be controlled by large asset managers. But through a process called proxy voting, large asset managers are able to vote on shareholder resolutions on behalf of their clients. Asset managers have “significant influence over company practices,” wrote shareholder advocacy group ShareAction in a recent report.
Persons: New York CNN —, That’s, ”, Dave Stinnett, What’s, ShareAction, Tesla, Torsten Slok Organizations: CNN Business, Bell, New York CNN, BlackRock, Vanguard Group, Fidelity Investments, Street Global Advisors, Vanguard, Social Security, Social, Social Security Agency, Security, Lawmakers, Blackrock, Fidelity, Boston University School of Law, Harvard Law School, Vanda Research, EV, Apollo Global Management Locations: New York, United States
☆ Average 401(k) balances dropped 20% in 2022 — but few investors flinched, Vanguard research shows
  + stars: | 2023-02-17 | by ( Sarah O'Brien | ) www.cnbc.com   time to read: +1 min
There's no question 2022 was a rough year for investors. With record-high inflation, economic uncertainty and aggressive interest rate hikes from the Federal Reserve to combat rising prices, stocks took a beating. The median balance — half were above, half below — was $27,376 at the end of the year, a 23% decrease. At the same time, though, 39% of participants' deferral rate — the portion of their paycheck directed to their 401(k) account — climbed higher, compared with 9% of investors who decreased their contributions. While many initiated the increase on their own, more than half of the boosts came from the plan's yearly automatic escalation.
☆ Men participate less often in 401(k) plans than women, unless they are automatically enrolled
  + stars: | 2022-12-03 | by ( Sarah O'Brien | ) www.cnbc.com   time to read: +2 min
In 401(k) plans with automatic enrollment — meaning employees must opt out if they don't want to participate — 93% of both men and women remain signed up, according to a report from Vanguard. But in plans whose enrollment is voluntary — workers have to actively enroll — men lag behind women in participation rates at all income levels, most notably below $150,000. The largest difference is in the $50,000-to-$74,999 income range, with 81% of women participating versus 67% for men. Men earn more and save a larger share of itThe average 401(k) balance among men in 2021 was $93,512, compared with $70,037 among women, the Vanguard research shows. Overall, however, both women's and men's participation rate — 68% and 65%, respectively — in voluntary enrollment plans is much lower than the 93% rate in auto-enrollment plans.
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