Cecily O'Connor
RedwoodAge.com

Despite growing awareness about the need for retirement education, most workers are still clueless about how to manage and troubleshoot their wounded 401(k)s.

One-third of US workers have little or no understanding of their employer-sponsored defined contribution plan, according to survey by The Hartford Financial Services Group, a retirement plan provider.

About three in four said they have less than a complete understanding, with many indicating they are better versed about their employer's medical coverage and life insurance offerings.

Among different age groups, Generation X had the best handle on their retirement plan - even outsmarting boomers who are closer to retirement.

The data sounds a new wake-up call to plan sponsors about the need to emphasize retirement education. Increased awareness is critical at a time when 78 million boomers are entering or approaching retirement within the next five to 10 years.

"Although The Hartford places a high priority on educating retirement plan participants, there is more that we and the rest of the industry need to do to promote greater understanding and higher utilization of retirement plans," admitted Jamie Ohl, senior vice president of The Hartford's Retirement Plans Group.

Investment Risks
On a broader level, President Obama also is trying to re-charge Wall Street. One year after Lehman Brothers collapse, the President is pushing for financial regulatory reform - including measures that ultimately will help protect individual investors from another market breakdown.

Until such time, most workers generally think their employer is the best place to turn for help.

Hartford's survey revealed that one in five workers - especially boomers - look to their employer for help when they are selecting benefits, including retirement plans. Another 15 percent turn to financial advisors; 13 percent, spouses; 12 percent, immediate family; 9 percent, the Internet; and 7 percent, program providers.

"When we asked people what would most help them understand their employer-provided benefits, the top two answers were providing simple materials and having access to one-on-one support," Ohl said.