Week ending June 28th, 2019

It’s true that when participants fully understand their retirement plans and options such as rollovers it can help them be more prepared for retirement. However, the communication that has garnered much attention recently is about financial wellness. Our columnist Michael Barry, president of October Three (O3) Plan Advisory Services LLC, predicts the future of the retirement plan industry will be about financial wellness. Fact is, employees will have a hard time saving for retirement if they don’t have their financial house in order. But, despite employers’ efforts, a study finds employee perceptions of financial wellness have not improved. Financial wellness programs need to be more personalized, and employee engagement with these programs needs to improve. Enjoy this edition of PLANSPONSOR Weekend!

Editor's choice

Industry Voices

Barry’s Pickings: The Future Will Be About Financial Wellness

There is more to life than saving for retirement, says Michael Barry, president of October Three (O3) Plan Advisory Services LLC, and he foresees a new model where financial wellness is implemented across a rich employee dataset exploiting the efficiency of artificial intelligence.Read more >

Benefits

Employee Perceptions of Financial Wellbeing Haven’t Improved

Despite that, employees value financial wellness programs and Alight Solutions makes suggestions for improving them.Read more >

Benefits

Financial Wellness Programs Need to Become Personalized

Financial stress is on the rise in all generations, indicating that financial wellness programs are missing the mark, according to PwC. A new survey report from the firm suggests many employers have simply relabeled existing resources as “financial wellness programs.”Read more >

Administration

PSNC 2019: Engaging Employees With Benefits Programs

Plan sponsors are meeting participants ‘where they are’ to promote financial wellness.Read more >

Data and Research

Financial Wellness Programs Can Benefit Employers in Several Ways

Companies stand to benefit in numerous ways by offering a financial wellness program, according to a new study released by Morgan Stanley and conducted by the Financial Health Network. Financial wellness programs reduce employee stress, improve retention and engagement and help a company stand out in the marketplace.Read more >

MOST POPULAR STORIES

Furloughs Vs. Layoffs: Which May Trigger a Partial Plan Termination?

‘Companies tend to use the terms interchangeably, which is why it can be confusing,’ says Lorie Maring, a partner at Fisher Phillips.

Experts from Groom Law Group and Cammack Retirement Group answer questions concerning retirement plan administration and regulations.

Employers Can Offer More Student Loan Repayment Help to Employees

The CARES Act allows employers to contribute toward employees’ student loan debt tax-free to employees, and employees need guidance on what they can and should do about deferring payments.

Plan Sponsors Facing Difficult Decisions During Coronavirus Pandemic

Stopping employer matching contributions, laying off employees, adjusting DB plan contributions; plan sponsors need to understand the effects of each decision.

CARES Act Passes Congress, Including Retirement Plan Relief

Plan sponsors who have faced regional natural disasters will be familiar with many of the relief provisions adopted by Congress, from the suspension of required minimum distributions to the doubling of loan limits.

Editorial: Alison Cooke Mintzer alison.mintzer@strategic-i.com

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