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week ending December 11th, 2020 Perhaps employee financial wellness has never been more at the front of employers’ minds as now. And, research finds employees are eager for help. With the financial effects of the pandemic driving home the importance of having emergency savings and debt levels increasing, the retirement plan industry realizes that employees need to be financially well in order to save for retirement. This edition of PLANSPONSOR Weekend includes information to help plan sponsors as they make decisions about financial wellness programs for 2021. Editor's Choice Data and Research Majority of Employers Looking at Revamping Retirement Benefits They are also giving serious thought to implementing emergency savings features and allowing participants to choose between a variety of benefits, Willis Towers Watson found in a survey. Benefits Financial Wellness Programs Should Be Customized for Women Interrupted careers, greater longevity and other factors call for unique help for women in employer financial wellness programs, a paper from the Retirement Advisor Council suggests. Wellness Strategies Dangers of Debt Participants must find their financial footing to save for retirement. Benefits What Happens When Student Loan Payment Deferral Ends? Employers can steer employees to help when they have to restart student loan debt repayments, and there is hope that more government help is on the horizon. Benefits The Future of Student Loan Benefits and What to Expect in 2021 Encouraging better financial wellness can go a long way to helping workers manage their student loans. Popular Reads Compliance New Financial Audit Rule Increases Requirements for Plan Sponsors Plan sponsors will be required to provide much more data, as well as certifications about plan administration and governance, and limited-scope audits will no longer be so limited. Research 2021 Recordkeeping Survey Data and Research Participants Missing the Full Match Remains a Big Problem A new survey shows there are several reasons employees decide not to contribute to their retirement plans. Compliance Parties in Church Plan Lawsuit Finally Get Preliminary Approval of Settlement A judge found the interests of a subclass of terminated, vested participants were adequately protected in a newly proposed settlement. Compliance 2021 ERISA Plan Compliance Calendar A schedule to help plan sponsors track important due dates for their plan Did someone forward you this newsletter? Sign up here to get PLANSPONSOR Weekend directly in your mailbox!

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