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week ending January 17th, 2020
Financial wellness programs are a growing benefit offering among employers. Employers realize that financially well employees are better able to prepare for retirement. Plan sponsors may turn to their recordkeepers to provide financial wellness programs. If so, they need to consider that the program should go beyond just education and spur participants to action. Since health care costs are a top concern for employees, a best practice would be to address that in any financial wellness program. Measuring the success of the program can help plan sponsors and providers make any needed changes. This edition of PLANSPONSOR Weekend offers insight for implementing a successful financial wellness program.
Editor's Choice
Benefits
Financial Wellness a Key to Retirement Preparedness
A multi-year study found employees who regularly engaged with their employer’s financial wellness program more than doubled their feeling of retirement preparedness.
Benefits
Successful Financial Wellness Programs Go Beyond Just Education
Top recordkeeper financial wellness programs provide tools that offer data visualizations, calls to action, dynamic modeling and follow-up options, according to Corporate Insight.
Benefits
Evolving Your Financial Wellness Program in 2020
By including the right elements in a financial wellness program, employers can help employees squirrel away more emergency and retirement savings.
Benefits
Health Care a Top Concern to Address in Financial Wellness Programs
Surya Kolluri, with Bank of America, says financial wellness should be thought of in the broadest way, with an eye toward how employees live their lives; this includes health care and caregiving efforts.
Benefits
Measuring the Success of Financial Wellness Programs
Incorporating sound measures of the effectiveness of financial wellness programs will allow plan sponsors to adjust them to address the varying needs of their workforce.
Popular Reads
Compliance
DOL Offers Guidance for Locating Missing Participants
Guidance in three parts offers suggested processes for DC plans and DB plans and reveals errors DOL staff should look for.
2020 Recordkeeping Survey
Administration
The Mechanics of Moving to a PEP
With a lack of regulatory guidance, plan sponsors can rely on certain existing rules to know the steps to take if they decide to move from a single-employer plan to a pooled employer plan.
Benefits
What Employers Need to Know About HSAs
Experts share eligibility requirements, tax treatment rules and allowable expenses for health savings accounts.
Investing
Deciding Whether an Annuity Is Right for Your Plan Participants
Plan sponsors should look at participant needs to determine whether annuities would be a fit for their plan and, if so, which types of annuities meet those needs.
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