What will defined benefit pension plans, defined contribution plans and Social Security look like decades from now when the college students of today are in the final years of their careers, and how can businesses and government ensure workers a dignified retirement?
Those are the questions college students were asked to address for the inaugural iOMe Challenge, a contest created by Michael P. Kiley, CEO of 401(k) services provider Plan Administrators Inc., De Pere, Wis.
“The main focus of the challenge is to get interested parties to look at the future ... and figure out what they want to do about it,” Mr. Kiley said in a phone interview.
A team of students from Western Michigan University, Kalamazoo, has taken top honors in the contest this year, winning $20,000 and a trip to Washington to present their report to members of Congress.
The Western Michigan students, who competed against teams from dozens of universities across the country, recommend increasing the age of retirement for Social Security, expanding and mandating 401(k) programs and encouraging workers to let investments grow over the long term.