PLANSPONSOR Weekend Newsdash
Week ending February 22nd, 2019
A recent survey found employers’ No. 1 priority regarding benefits in 2019 was to increase efforts to improve employees’ financial wellness. Finding out employees’ needs will help in building a financial wellness program strategy. Employee communications can help improve employee financial wellness as well as retirement readiness; during tax time, plan sponsors can inform employees about the Saver’s Credit, and during bouts of market volatility, employers can communicate to each generation how to handle it. Aside from communications, financial wellness can include other benefits—student loan repayment benefits or equity compensation programs, for example. This edition of PLANSPONSOR Weekend focuses on participant education and financial wellness.
Editor's choice
Industry Voices
Building Your Strategic Plan for Financial Well-Being
Gathering the right data and setting specific goals helps employers build a relevant financial wellness program for employees, according to Carrie Alexander and Tom Swain, with Findley.Read more >
Data and Research
More Local Governments Should Adopt Financial Wellness Programs for Employees
Among those that do offer financial literacy programs, 51% say workers increase their contributions to supplemental savings plans, 43% say workers become more engaged with compensation issues, and 41% say they see cost savings for the jurisdiction that at least partially offset the expense of offering the program.Read more >
Products
Transamerica Urges Sponsors to Remind Participants About the Saver’s Credit
Sixty-two percent of workers are unaware of the credit, according to survey findings from Transamerica Center for Retirement Studies.Read more >
Administration
Attention to Retirement Plan Digital Communications Increasingly Important
A paper authored by Shlomo Benartzi, senior academic adviser at the Voya Behavioral Finance Institute for Innovation, promotes the idea of a “digital fiduciary,” and Andrew Way, with Corporate Insight, weighs in on best practices for digital communications.Read more >
Investing
What Baby Boomers Can Do When Market Volatility Hits Near Retirement
Experts weigh in on how to balance a near retirement future with instability in the market.Read more >
Benefits
Equity Compensation Increasingly Used for Financial Wellness and Retirement
Company stock plan participants surveyed by Fidelity Investments reported they have used or will use proceeds for things such as reinvesting in retirement accounts or paying bills and debt.Read more >
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