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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 2022 Plan Sponsor of the Year PLANSPONSOR is pleased to present profiles for the 2022 Plan Sponsor of the Year finalists. Administration Delivering Robust Retirement Communication and Education on a Budget Clear goals help to maximize the impact of retirement plan participant education and communication. Research 2021 Recordkeeping Survey Compliance New Retirement Bill Amending ERISA Introduced in Congress Fiduciary breach claims are likely to spike—and win—if the two-pronged legislation is passed. Benefits Plan Progress Webinar: How to Increase Employees’ Financial Wellness Robust financial wellness programming can distinguish an employer, serve as a retention tool, provide a competitive edge, and lower labor costs by bolstering employees’ retirement readiness. Did someone forward you this newsletter? Sign up here to get PLANSPONSOR Weekend directly in your mailbox!

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