view in browser | plansponsor.com
PLANSPONSOR BLINESs LOGO
week ending February 21st, 2020
Americans are drowning in debt. Studies have shown that debt and homeownership are top reasons retirement plan participants withdraw funds from their retirement accounts early. And a recent Hearts & Wallets survey found more consumers think employers should help pay off student loan debt (39%) than should help with retirement (25%). These findings signal a strong need for financial wellness programs that address debt management. In addition to solutions to address student loan as well as consumer debt, employers may want to consider emergency savings solutions to help employees avoid debt in the first place. This edition of PLANSPONSOR Weekend will give you food for thought about structuring your financial wellness program.
Editor's Choice
Participants
Debt, Homeownership Driving Participants to Withdraw Retirement Funds
Data about retirement plan participant loans and hardship withdrawals supports the need for better financial wellness programs, especially for Millennials and Gen Xers.
Administration
Employer Student Debt Help Not Reaching All Who Need It
A Fidelity analysis found Baby Boomers and Generation X have high student loan debt, but as it may be for their children’s education, many employer programs are not helping.
Data and Research
High Cost of Living, Debt Are Reasons Americans Don’t Save Enough
A survey found more Americans are prioritizing building an emergency savings fund over retirement savings.
Benefits
Automating Emergency Savings for Retirement Plan Participants
Aside from the benefit of having emergency savings, people acclimated to having retirement savings automated will likely stay with an automated process.
Administration
Mechanics of Implementing a Sidecar Savings Account
Keeping retirement plan contributions rolling in while also allowing employees to save for emergencies.
Popular Reads
Compliance
CARES Act Passes Congress, Including Retirement Plan Relief
Plan sponsors who have faced regional natural disasters will be familiar with many of the relief provisions adopted by Congress, from the suspension of required minimum distributions to the doubling of loan limits.
Compliance
Retirement Plan Provisions Included in Senate’s Stimulus Package
Among other things, the bill would allow for targeted, penalty-free access to tax-qualified accounts for those hit hardest by the health crisis.
Coronavirus News for Plan Sponsors
The latest news about market volatility, benefits and business updates, and legislative and regulatory actions.
Administration
Plan Sponsors Facing Difficult Decisions During Coronavirus Pandemic
Stopping employer matching contributions, laying off employees, adjusting DB plan contributions; plan sponsors need to understand the effects of each decision.
Ask the Experts
Coronavirus-Related Distributions From 403(b) and Governmental 457(b) Plans
Experts from Groom Law Group and Cammack Retirement Group answer questions concerning retirement plan administration and regulations.
Did someone forward you this newsletter? Sign up here to get PLANSPONSOR Weekend directly in your mailbox!
rss icon twitter icon linkedin-in icon facebook icon
ISS MEDIA logo
Unsubscribe | Manage Subscriptions | Contact Us | Privacy Policy | Advertise
©2020 Asset International Inc. All rights reserved.
702 King Farm Boulevard, Suite 400, Rockville, MD 20850