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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
2020 Defined Benefit Administration Survey
Ask the Experts
Clarification of Loan Repayment Delay Provisions of CARES Act
Experts from Groom Law Group and Cammack Retirement Group answer questions concerning retirement plan administration and regulations.
Compliance
Use of Fidelity Active Management Funds Questioned in Court
Multiple lawsuits have been filed recently that question the offering of active management funds to retirement plan participants.
Administration
Get Beneficiary Designation and Missing Participant Practices in Order
The pandemic has highlighted the need for plan sponsors to actively encourage revised beneficiary designations and have missing participant procedures in place.
Investing
Improving Participant Outcomes With Custom TDFs
Off-the-shelf TDFs may not meet the needs of participant demographics, so plan sponsors can build custom TDFs to provide greater diversification and less risk near retirement.
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