Hello, PLANSPONSOR readers. This week we reported on studies that show women in general, and Latino women especially, would benefit from more education about retirement savings. Another study suggests two different approaches to getting participants engaged in an automatic enrollment plan versus an opt-in plan. American workers say financial education to help with current financial issues would improve their retirement security. And, RBC Wealth Management has issued a guide to help participants consider health care costs in their retirement planning. Enjoy this edition of PLANSPONSOR Weekend!
Researchers at the University of Notre Dame, in a study funded by the National Endowment for Financial Education say Latinas—Hispanic women—have a huge appetite for financial education and a strong desire to save, and their savings could provide a critical safety net to America’s largest minority group.
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The plaintiffs say the plan’s terms reduce benefits using “Early Retirement Factors” and “Joint and Survivor Annuity Factors” which result in plan participants receiving less than the actuarial equivalent of their vested accrued benefit, as required by ERISA.
Employers are encouraging the use of biosimilars instead of specialty pharmacy products, creating an environment that makes it clear and easy for employees to opt for high-value services, and engaging effective programs to help manage anxiety and stress.
The Retirement Savings Selector Tool for Small Businesses was created to help small businesses identify a retirement savings option that may be a fit for their business by answering a few quick and easy questions.