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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
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.
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