Benefits

Plan sponsors discussed benefits they consider part of their financial wellness offerings that might not typically be viewed as such.

Many are continuing the practice in 2021 and continuing to use different types of communications to reach employees.

Data can inform plan sponsors about what benefits to offer as well as how to steer employee use of benefits.

Specific benefit offerings and increased communications are needed to help employees and to keep costs down.

Nearly 30% of workers have no emergency savings fund, leading many to raid their retirement accounts.

Opponents say small business could suffer and cut benefits, such as employer contributions to retirement plans, as a result of a $15 minimum wage.

In addition, program topics that were once a rarity have now become commonplace, and financial well-being offerings are expanding into nontraditional benefits.

Using claims data to compare fully insured and self-insured benefits, and seeing the flexibility self-insuring provides can help employers overcome their fears about it.

Employees want employers to educate them throughout the year and offer tools to help them allocate their money among benefits, Voya found.

Interest has also increased in enhancing workplace giving and volunteer programs, student loan debt help and health care advocacy.

A bill passed by state lawmakers would direct the state’s 529 plan board to set up and administer VirginiaSaves.

More employers are also likely to offer automatic emergency savings, a Millennium Trust executive says.

It is expected that employers are now more likely to implement the tax-free payments toward employees' student loans.

There are specific metrics that can be measured via data and employee and employer surveys.

Considering the need for effective health care in 2020 due to COVID-19, health savings accounts took on new value.