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How do plan sponsors and employers narrow the wealth gap in 401(k) plans? The Collaborative for Equitable Retirement Savings (CFERS), which collects data on retirement income disparities, attempted to provide some clarity on this topic in a June 21 webinar titled "Investors First: Strategies for Narrowing the Savings Gap in 401(k) Plans."
"We've been able to collect a lot of information from plan sponsors and the recordkeepers they work with to basically come up with different measures of what retirement income adequacy looks like," said Jack VanDerhei, director of retirement studies, Morningstar Center for Retirement and Policy Studies. CFERS, a joint initiative of Morningstar Retirement, Aspen Institute Financial Security Program and DCIAA, conducts research, aiming to identify plan design solutions for plan sponsors and employers. The initiative is gathering data from plan sponsors and looking for solutions for retirement income inadequacy. Here are some of the key issues discussed in the webinar:
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