Newsdash Insight on Plan Design & Investment Strategy from PLANSPONSOR
November 26th, 2014
Benefits & Administration
Nearly half of working professionals think their employer does not invest enough in their health and wellness, a survey says. A survey by One Medical Group, a primary care system, indicates that better health benefits can be used to attract and retain employees.Read more >
Changing Jobs Hard on Millennial Retirement Savings
Millennials change jobs more frequently, giving them more opportunities to cash out of their 401(k) plans and cut into future retirement savings, says Spencer Williams of Retirement Clearinghouse. At the same time, the steadily increasing adoption of auto enrollment in 401(k) plans means that by the time they are 30, they might have been auto-enrolled in three accounts. “Three small account balances is not a good thing,” Williams tells PLANSPONSOR. The problem is that each small account (on average, the balance is $3,000) is like waving free money in front of the Millennial plan participant, he contends.Read more >
Apps may get a lot of attention, but mobile-optimized sites with transaction capabilities are what plan sponsors and participants really want, according to Corporate Insight research. A new analysis from Corporate Insight, “Mobile App Alternative: Reviewing Mobile-Optimized Websites,” takes a look at mobile-optimized sites available to retirement plan participants.Read more >
Products, Deals & People
The Plan Sponsor Council of America (PSCA) re-launched its online ERISA Fiduciary Training Program. “The course has been updated to reflect the latest legislative, Internal Revenue Service (IRS) and Department of Labor (DOL) changes since the program was first made available in 2011,” says PSCA Executive Director Robert Benish.Read more >
Firm Offers Financial Wellness via Investment Menu
Now available on more than 20 retirement plan platforms, the Edge Collective Fund Series brings financial wellness services to plan participants directly through the investment menu. The series consists of three separate funds similar to asset allocation funds—conservative, moderate and growth, Edge 401k Funds co-founder Tom Ruggie tells PLANSPONSOR. Participants allocating to the Edge funds inside their 401(k) will be proactively contacted by qualified customer relationship managers from Edge 401k Funds three times a year, who will then schedule time for those participants to speak with a financial coach regarding their overall financial wellness needs.Read more >