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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.
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