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week ending June 19th, 2020 Offering a financial wellness program to employees was considered a value-added benefit, but the effects of the coronavirus pandemic revealed it as an urgent necessity. Retirement industry professionals specifically anticipate a significant shift toward emergency savings accounts as millions of workers are struggling to make ends meet. But financial wellness is not the only thing the pandemic has affected. Employees are feeling effects on their physical and mental health as well. As financial, physical and emotional and mental health can be interconnected, employers are focusing on more holistic wellness programs. In this edition of PLANSPONSOR Weekend, we offer information to help employers establish wellness programs to meet the needs of their workforce. Editor's Choice Benefits Pandemic Reveals Overwhelming Need for Financial Wellness Programs More employers will see financial wellness programs as a necessity and emergency savings as a top priority. Benefits Financial Wellness Will Be the New Priority Following the Pandemic This will be especially true for Millennials, retirement industry sources say. Opinions An Inclusive Approach to Setting (or Resetting) a Financial Wellness Program Warren Cormier, with the DCIIA Retirement Research Center, discusses how financial wellness programs can evolve to better engage employees and address their present-day realities and concerns. 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 Unprecedented Times Increasing Focus on Holistic Well-Being Programs Despite employers’ own financial strain, most are committed to expanding wellness programs to address increased employee needs during the pandemic. 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. Did someone forward you this newsletter? Sign up here to get PLANSPONSOR Weekend directly in your mailbox!

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