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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 Administration Delivering Robust Retirement Communication and Education on a Budget Clear goals help to maximize the impact of retirement plan participant education and communication. 2022 Plan Sponsor of the Year PLANSPONSOR is pleased to present profiles for the 2022 Plan Sponsor of the Year finalists. Research 2021 Recordkeeping Survey Benefits Plan Progress Webinar: How to Increase Employees’ Financial Wellness Robust financial wellness programming can distinguish an employer, serve as a retention tool, provide a competitive edge, and lower labor costs by bolstering employees’ retirement readiness. Compliance New Retirement Bill Amending ERISA Introduced in Congress Fiduciary breach claims are likely to spike—and win—if the two-pronged legislation is passed. Did someone forward you this newsletter? Sign up here to get PLANSPONSOR Weekend directly in your mailbox!

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