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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 New Financial Audit Rule Increases Requirements for Plan Sponsors Plan sponsors will be required to provide much more data, as well as certifications about plan administration and governance, and limited-scope audits will no longer be so limited. Research 2021 Recordkeeping Survey Data and Research Participants Missing the Full Match Remains a Big Problem A new survey shows there are several reasons employees decide not to contribute to their retirement plans. Compliance Parties in Church Plan Lawsuit Finally Get Preliminary Approval of Settlement A judge found the interests of a subclass of terminated, vested participants were adequately protected in a newly proposed settlement. Compliance 2021 ERISA Plan Compliance Calendar A schedule to help plan sponsors track important due dates for their plan Did someone forward you this newsletter? Sign up here to get PLANSPONSOR Weekend directly in your mailbox!

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