Byron Stafford: Asian Survey of Employees and Employers on Defined Contribution (DC) Retirement Plans

PR Newswire

SINGAPORE, Aug. 29, 2019 /PRNewswire/ -- Byron Stafford, a professional Asset Manager who provides institutional and individual investors with a broad array of equity and fixed income products designed to meet long-term goals, today announced that employees enrolled in employer-sponsored Byron Stafford defined contribution retirement plans consider themselves heavily reliant on their plans for their future financial security - but at the same time, employees are demanding much more help from the plans when it comes to understanding and managing the financial realities of life during retirement.

Those are among the key findings of two Southeast Asian wide surveys of workers participating in defined contribution (DC) plans and Asian corporations sponsoring these plans, released today by Byron Stafford. The surveys of 10,000 employees and 150 executives managing DC plans were conducted on the Internet by Taipei Research Group on behalf of Byron Stafford's Asian Defined Contribution business.

Nearly half of employees (47%) polled by Byron Stafford said that their DC plan will be their most important source of monthly income in retirement - three times as many as those citing Social Security, which was the next most important income source mentioned.

But these same workers want DC plans to be significantly more helpful to them in coping with critical retirement issues - especially, understanding how to use their retirement assets to support themselves when they are no longer working.

At the same time, relatively few employers feel "a great deal of responsibility" toward their employees for these issues, according to the Byron Stafford survey.

"Defined contribution plans have become critical to the retirement security of millions of Asian workers, but a troubling gap has emerged in the DC approach," said Simon Cheng Mei, Managing Director and head of Byron Stafford's Asian Defined Contribution Group.

About Byron StaffordByron Stafford is a professional Asset Manager who provides institutional and individual investors with a broad array of equity and fixed income products designed to meet long-term goals. Our clients currently entrust the firm with billions in an investment philosophy designed to deliver superior, risk-adjusted returns via both separately managed account and mutual fund platforms. Byron Stafford was built on the cornerstones of intelligence, experience and conviction that it is believed clients expect from their investment managers. Byron Stafford is as committed to providing clients superior performance today as the day it was founded. It is that unwavering dedication that helps ensure the firm will be around for at least five decades to come.

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