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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 IRS Announces 2022 Retirement Plan Contribution and Benefit Limits Most defined contribution plan participants can defer up to $20,500 to plans in 2022. Cover To Attract and Retain A strong retirement plan is key in a competitive employment environment. Data and Research Older Generations More Frequently Seeking Financial Wellness Help Research shows people of all ages are increasingly turning to financial planners and advisers for help with overall financial wellness as well as retirement planning. Compliance Alight Ordered to Comply With DOL Subpoena Related to Cybersecurity Incidents A Department of Labor investigation was prompted, in part, by its discovery that Alight had processed unauthorized distributions from retirement plan participant accounts. Did someone forward you this newsletter? Sign up here to get PLANSPONSOR Weekend directly in your mailbox!

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