view in browser | plansponsor.com

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 Administration Consider Who Is Paying When Benchmarking Retirement Plan Fees There is less risk when a plan sponsor pays retirement plan fees, but that doesn’t necessarily mean the benchmarking should be different than if participants pay. Administration Repositioning Financial Wellness and Retirement Benefits for 2021 Plan sponsors can take steps now to make sure their plans are ready to meet fiduciary obligations and participants’ needs in the new year. Compliance Settlement Reached in Insperity 401(k) Excessive Fee, Self-Dealing Suit Among other things, the lawsuit accused Reliance Trust Co. of selecting funds for the plan that would benefit itself. Administration The Importance of Extending Diversity to the Retirement Plan Committee With representation being top of mind in 2020, companies are reconsidering the makeup of their workforces. Compliance Social Security Announces COLA for 2021 In addition, the maximum amount of earnings subject to Social Security tax—used to determine the taxable wage base for permitted disparity in DC plan contributions—will increase. Did someone forward you this newsletter? Sign up here to get PLANSPONSOR Weekend directly in your mailbox!

Unsubscribe | Manage Subscriptions | Contact Us | Privacy Policy | Advertise

©2020 Asset International Inc. All rights reserved. 702 King Farm Boulevard, Suite 400, Rockville, MD 20850