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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
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.
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.
Compliance
SECURE Act Eases Paths for DB Plans
A new minimum age for in-service withdrawals and permanent nondiscrimination testing relief ease plan sponsors’ ability to keep older employees and protect their benefits.
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