However, retirees spend 32% less than non-retirees.

When the SEC adopted the new Rule 30e-3 earlier this year, creating a new system for electronic delivery of fund information, it also established a transition disclosure period that starts in January, during which "funds that choose to implement the new delivery method for shareholder reports provide prominent disclosures in prospectuses and certain other shareholder documents that will notify investors of the upcoming change in transmission format.”

It will offer lump sums to participants and transfer the remaining money to a group annuity contract from Athene Annuity and Life.

Employees expressed concerns about budgeting, health care and emergency funds, and low levels of knowledge about financial and retirement topics were reported.