Employees need to be educated about their benefits in order to best use them. This is true for health benefits as well as retirement benefits. It’s been found that making the best of benefits is easier when employees have their financial lives in order. The Society of Actuaries says financial wellness programs need to be designed so individuals of different fragility levels can connect to what is useful and important to their situation. More companies are rolling out student loan repayment benefits to address both debt and retirement savings. With our 2019 PLANSPONSOR National Conference coming up, it will be interesting to see what speakers say has changed for financial wellness benefits over the last year. Enjoy this edition of PLANSPONSOR Weekend!
HSA Bank recommends employers offer a guide about health plans, their costs and what they cover; a health plan comparison tool; and a tax-advantaged savings account to help employees become better health care consumers.Read more >
Retirement plan participants tend to select funds placed in the first positions on a list, so rather than ordering the investment menu alphabetically, researchers suggest placing lower-cost or lower volatility funds near the top to help participants.Read more >
The Society of Actuaries says financial wellness programs need to be designed so individuals of different fragility levels can connect to what is useful and important to their situation.Read more >
Is it more than education? Is it a full-blown program or something spontaneous and ad hoc? How frequently is it delivered, and how is it benchmarked? Who delivers it, and when?Read more >
As employers begin to question the effectiveness of target-date funds as a retirement spending vehicle, interest in guaranteed lifetime income has grown.
A report from DCIIA and Commonwealth suggests that emergency savings should be placed in an account that is distinct from funds intended for long-term retirement savings.
