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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 Opinions Democrats Take Control of the Senate: What Does That Mean for Your Retirement Plan? Syed Nishat, with Wall Street Alliance Group, discusses potential effects on retirement plans if President Joe Biden is able to move forward his legislative agenda. 2020 Recordkeeping Survey Administration The Value of Having a Retirement Plan Committee Charter While not required by ERISA, attorneys say a committee charter is a best practice that can help a plan run more smoothly—and help fiduciaries avoid litigation and penalties. Compliance Takeda Pharmaceuticals Faces ERISA Lawsuit Over TDF Suite in 401(k) Plan The lawsuit says the target-date funds were selected for the plan despite having no performance history and, when they continued to underperform, they were not replaced with better options. Investing Active vs. Passive Investing: Understanding the Difference Knowing how each type of investing works, as well as their advantages and disadvantages, can help retirement plan sponsors construct appropriate investment menus. Did someone forward you this newsletter? Sign up here to get PLANSPONSOR Weekend directly in your mailbox!

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