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week ending July 24th, 2020
The COVID-19 pandemic has led employers to push mental, financial, emotional and even social well-being activities. Even as employers are looking to add or broaden financial wellness programs, Bank of America says awareness and understanding of critical health care savings and caregiving support benefits are lacking from employees. Financial wellness programs should address health care costs. And employees continue to misunderstand how to maximize the benefits of a health savings account (HSA). Aside from physical and financial wellness programs, employers need to rethink their messaging about health care benefits, to reach every generation in the workforce and because experts feel employees will be paying more attention during this year’s open enrollment period. In this edition of PLANSPONSOR Weekend, we offer information to help employers as they address employees’ health care benefit needs. Have a great weekend!
Editor's Choice
Benefits
The Scope of Physical Wellness Programs Is Broadening
The attention the COVID-19 pandemic has brought to mental and social well-being and the expansion of telemedicine services will transform employer wellness programs.
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.
Data and Research
HSA Misconceptions Remain Stubbornly Common
Survey results reveal an opportunity for education about how to maximize the benefits of a health savings account (HSA), as most employees are not using one for retirement savings.
Opinions
Offering Benefits to Meet the Needs of a Multi-Generational Workforce
Kim Buckey, with DirectPath, discusses generational preferences in health and voluntary benefits and how the COVID-19 pandemic has influenced benefit offerings.
Benefits
Considerations for Benefit Offerings and Open Enrollment for 2021
Employers must balance costs with increased employee needs, and benefits leaders predict employees will be looking at benefit offerings more closely this year.
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.
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.
2020 Recordkeeping Survey
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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