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week ending March 27th, 2020
Hello, PLANSPONSOR readers. We hope this day finds you and your families well. You can turn to our special page for the latest news about market volatility, business and benefits updates, and legislative and regulatory actions. During this difficult time, with more than $3 million people filing for unemployment this past week, it may seem counterintuitive to tell employees to save, but financial wellness education is as important now, if not more important, as ever. While many who will get a $1,200 stimulus check from the government will have no choice but to use it toward bills, advisers interviewed by MarketWatch suggest those who can should put money into emergency savings first, work to pay down credit card debt, invest or donate. Financial wellness providers are offering services for free, with SmartDollar the latest to announce so, and this edition of PLANSPONSOR Weekend includes informative articles to help you guide employees toward financial wellness during this crisis.
Editor's Choice
Wellness Strategies
The Employer Component
Sponsors have various options for contributing to employee wellness.
Wellness Strategies
Ready As It Goes
An emergency savings plan can give employees financial confidence.
Benefits
Evolving Your Financial Wellness Program in 2020
By including the right elements in a financial wellness program, employers can help employees squirrel away more emergency and retirement savings.
Benefits
Certain Employee Groups Are in Greater Need of Financial Help
Finding women, mid-career and low-income employees are the most at-risk, Greenspring Advisors suggests ways plan sponsors, providers and advisers should enhance the support and resources they offer.
Administration
Plan Sponsors Should Address Financial Squeeze Put on Gen X
Struggling with debt and budgeting, Gen Xers are in their prime earning years, they are getting close to retirement and they are taking care of both their children and their parents.
Products
FinFit Waives Fee on Financial Wellness Platform
FinFit’s financial wellness platform is available to employers for free through June 30.
Popular Reads
Compliance
Supreme Court Decision in Thole v. U.S. Bank Has Major Implications for Pensions
The ruling effectively establishes that individual pension plan participants cannot sue their employer for a fiduciary breach if their own benefit has not been cut or otherwise altered.
Compliance
Heroes Act Now In the Hands of a Skeptical Senate
The Heroes Act, passed by a narrow majority in the House, includes union pension partition relief and a waiver for the reinvestment of 2019 and 2020 RMDs.
Compliance
Court Finds Plan Sponsor Could Be Found Liable for Retirement Plan Cyberfraud
The plan sponsor had sued plan providers, but the providers in a counterclaim said the plan sponsor was equally liable.
Products
BlackRock Creates Retirement Paycheck
Two insurers have joined the effort to make lifetime income available in a simplified manner.
Compliance
Plan Sponsor, Provider Sued for Adding Untested CITs to 401(k)
The 92-page complaint includes a number of other allegations, including that the plan sponsor was motivated by its relationship with the provider for its defined benefit plans.
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