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“In the United States, 66% of Defined Contribution (DC) pension contributions go into target date funds (TDFs) and TDFs have now taken over as receiving the majority of DC contributions from US equity,” stated Sonya Uppal, Vice President of Defined Contribution and Retirement at Franklin Templeton Investments.
Most employers today have up to four generational cohorts of employees working for their organizations, each with very distinct characteristics. The career-focused, loyal and individualistic Baby Boomers (1946 – 1965) are on the tail end of their careers, or already retired, and will represent about 15% of the workforce by 2020. Generations X and Y are the largest generational cohorts in today’s workforce. Gen Xers (1966 – 1979), once deemed the “slacker generation,” are entrepreneurial, self-reliant and globally minded. Gen Y (1980 – 1995), or “Millennials,” are a generation as large as the Baby Boomers and are group-oriented, idealistic and socially conscious, says Trish Miller, Consulting Actuary at Willis Towers Watson. Gen Z (1996 – 2010) is the first generation that is “technology native,” and will likely have about 10 to 14 jobs before age 40.