As 401(k) balances slip, fund companies are rolling out new bells and whistles
Several 401(k) providers are rolling out new bells and whistles. Some of the changes are driven by the realization that many workers haven’t saved enough to get them through retirement. In addition, this summer’s market volatility amid concerns of a global economic crisis has reduced their balances yet again, prompting many to pull their money out of the market. “Given the low balances in 401(k) plans, if our industry doesn’t help provide better solutions, at some point the government will come under pressure to do something,’’ said Chuck Cornelio, president of defined contribution at Lincoln Financial Group.