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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
2020 Best in Class 401(k) Plans
PLANSPONSOR is pleased to announce the sixth “class” of companies winning the Best in Class 401(k) Plan designation.
Compliance
IRS Announces 2020 Contribution and Benefit Limits
The contribution limit for employees who participate in 401(k), 403(b) and most 457 plans is increased from $19,000 to $19,500.
Administration
Why Nonprofits May Prefer a 403(b) Plan Over a 401(k)
It often comes down to nondiscrimination testing.
Administration
New Models Continue to Be Introduced for 403(b) Plans
K-12 and university 403(b) plan sponsors have turned to multiemployer plan solutions—the latest of which is launching in Indiana.
Compliance
Trump’s 2021 Budget Proposes Increasing Multiemployer PBGC Premiums
The premiums would increase by $26 billion over 10 years.
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