PLANSPONSOR Weekend Newsdash
Week ending August 10th, 2018
In order for employees to understand their retirement plans, easy-to-understand education must be provided. Traditionally, education by retirement plan sponsors has discussed retirement plan features and investing. However, as more Americans struggle to find the money to save for retirement, overall financial education is becoming more popular among sponsors, with debt being a serious concern for employees. Retirement plan sponsors can turn to financial wellness providers, their recordkeeper or their plan adviser for help with providing financial wellness education. This edition of PLANSPONSOR Weekend focuses on financial wellness and participant education.
Editor's choice
Data and Research
Employees Want Financial Education and Employers Are Stepping Up
According to employers, the number one financial challenge facing employees is credit card and other debt (reported by 70% of employers). The International Foundation of Employee Benefit Plans’ “Financial Education for Today’s Workforce: 2018 Survey Results” reportsays 63% of employers currently provide financial education for their workforce, and an additional 19% are considering such education for the future.Read more >
Products
WebMD Gets Into Financial Wellness Market
A new solution helps employees become better educated about their financial challenges through personalized skill building and action plans that reduce money-related stress and motivate change.Read more >
Data and Research
Employees Overestimate Knowledge About HSAs
According to Bank of America Merrill Lynch’s 2018 Workplace Benefits Report, health care costs are a huge blind spot for employees when it comes to increasing financial wellness. The newly published report suggests that employees understand most of the inputs that directly affect their financial wellness, and yet the majority ignore one of the biggest factors when they are setting long-term goals and savings priorities—health care costs. In fact, just 7% of employees surveyed identified health care as “an important building block of financial wellness.”Read more >
Administration
Taking View of Employee Helps With Wellness Program Engagement
In a webcast sponsored by Benz Communications, the firm’s Engagement Strategist Megan Yost offered tips to better engage individuals in financial and health wellness.Read more >
Data and Research
Millennials Need Urging to Invest in the Market
Ryan Bailey, head of the Retail Banking Group, Bank of the West, offers tips for plan sponsors to help educate Millennials about the importance of investing.Read more >
MOST POPULAR STORIES
IRS Announces 2020 Contribution and Benefit Limits

The contribution limit for employees who participate in 401(k), 403(b) and most 457 plans is increased from $19,000 to $19,500.

Maximum Benefit and Contribution Limits Table 2020

Maximum Benefit/Contribution Limits for 2015 through 2020, with a downloadable PDF of limits from 2010 to 2020.

IRS Proposes Update to Mortality Tables Used to Calculate RMDs

The life expectancy tables and applicable distribution period tables in the proposed regulations reflect longer life expectancies than the tables in the existing regulations.

Employees Are Making Each Other Sick

Having too much work to do and feeling pressure from employers are some reasons employees report coming into work while under the weather.

Congressional Leaders Want SECURE Act Passage in 2019

Based on the conversations industry advocates are having in Washington, none of the leadership in the Senate or the House opposes passage of the SECURE Act.

Editorial: Alison Cooke Mintzer alison.mintzer@strategic-i.com

Advertising: advertise@strategic-i.com

Subscribe to NewsDash, click here.
To unsubscribe, click here.
BrightScope / CIO / FWW / Investor Economics / LiquidMetrix / Market Metrics / Matrix Solutions / PLANADVISER / Plan For Life / PLANSPONSOR / Simfund