Benefits

The American Academy of Actuaries recommended that tax increases and benefits reductions should be phased in gradually to address Social Security’s shortfall.

Research from the MissionSquare Research Institute shows that with defined benefit pensions not providing enough for full retirement, plan design could help participants save additional funds in defined...

Most participants procrastinate in reviewing their benefits, and many do it quickly. Plan sponsors need to communicate effectively and leverage educational tools, according to Voya.  

Employers offering high-deductible health plans can use open enrollment as a time to educate participants and correct misconceptions about health savings accounts.

The plan sponsor will add flexibility to a program that allows workers to use paid time off to repay student loans.

Some industry experts suggest another inflation measure could better reflect costs for older Americans. 

Many industry experts believe there is a need for an ‘ERISA 2.0’ that includes a stronger framework for universal coverage, lifetime income, defaults and more.

The company announced this week it will offer emergency savings accounts in 2024.

Fidelity Investments has revealed several best practices for employers to incorporate, bolstering access to emergency savings options and to limit early retirement-fund withdrawals.

Experts recommended maintaining regular outreach and measuring success as ways to champion a financial wellness plan. 

Using data on participants’ attitudes about saving and investing can help plan sponsors create more tailored benefits, according to panelists.

Equity losses for the month were offset by the largest single-monthly decline in liability value this year.

From incorporating an in-plan emergency savings vehicle to facilitating auto-portability, employers can take actionable steps to help disadvantaged workers save for retirement, Alight advises. 

Recorded sessions offer the insights and education on plan administration and compliance plan sponsors need to help employees create good financial outcomes.

Despite consistent contributions, participants taking loans or hardship withdrawals are half as likely to use auto-increase plan feature, T. Rowe Price finds.  

The Bureau of Labor Statistics, which would shut down completely, produces the data necessary to update the COLA.

By making health benefits more affordable for employees and ensuring there is time to explore all offerings, one midsize employer saw increased engagement during open enrollment season. 

The SAFER Banking Act would permit marijuana firms to access banking and financial services, including retirement plans.

Bank of America recommends plan sponsors act to promote greater employee retirement readiness.  

Retirees should expect a COLA of 3.2% for 2024, according to the Senior Citizens League.