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Week ending June 8th, 2018 |
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Happy weekend, PLANSPONSOR readers! This week we’ll be focusing on financial wellness and participant education. According to a Financial Finesse survey, participants repeatedly engaging in financial wellness programs offered by their employer are more likely to be on track for retirement and have higher confidence in their investments. Next, some companies are executing new participant education communications—behavioral economics. The education method merges psychology and economics to understand specific decisions, says the International Foundation of Employee Benefit Plans (IFEBP). Employees are also crediting health savings accounts (HSAs) and wellness programs for empowering them to make better health and financial decisions, and employers are looking to offer total well-being programs rather than solely physical. All this and more on this edition of PLANSPONSOR Weekend.
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| IRS Announces 2019 HSA Contribution Limits | For an individual with family coverage, the 2019 health savings account (HSA) contribution limit is $7,000, up from the recently reset $6,900 limit for 2018. | | | 4% Rule Not a Reliable Retirement Income Withdrawal Strategy for All People | | A retiree’s investment portfolio is a large factor in determining an optimal, safe withdrawal rate in retirement, but longevity, expected spending and whether guaranteed retirement income is available plays a part as well. | | | Lawsuit Argues MetLife Pension Calculations Use Outdated Mortality Table | A newly filed complaint takes issue with the way MetLife calculates the actuarial equivalence of different types of annuity benefit options available in the firm’s pension plan. | | | 401(k) Plan Sponsors Enhancing Plan Design | The availability of Roth contributions has doubled in the last decade, and more plan sponsors are using a default deferral rate with automatic enrollment that is higher than 3%, a Plan Sponsor Council of America survey found. | | | Financially Well Employees Buoy the Bottom Line | According to John Hancock data, helping employees reduce their financial worries is well worth employer’s time and attention. | |
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