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week ending May 15th, 2020 Even before the COVID-19 pandemic hit U.S. soil, a movement to a focus on financial wellness was happening in the retirement plan industry. Retirement industry professionals might soon see a significant shift toward emergency savings accounts as millions of workers struggle to make ends meet after the financial hits brought on by the COVID-19 pandemic. This rings especially true for the Millennial workforce, which has now experienced three major market downturns. Offering a financial wellness program to employees was considered a value-added benefit, but the pandemic suggests it is an urgent necessity. Financial wellness programs need to help people holistically with all their financial goals—not just retirement. The role voluntary benefits can play in employees’ overall financial wellness is also being highlighted by the pandemic. Supporting the idea that financial wellness is a necessity, several providers are offering their services free during this time. Enjoy this edition of PLANSPONSOR Weekend! Editor's Choice Benefits Financial Wellness Will Be the New Priority Following the Pandemic This will be especially true for Millennials, retirement industry sources say. Benefits Pandemic Reveals Overwhelming Need for Financial Wellness Programs More employers will see financial wellness programs as a necessity and emergency savings as a top priority. Benefits As Health Costs Rise, Voluntary Benefits Promote Financial Wellness Employers can offer certain benefits that give employees peace of mind following a medical event. Benefits Extending Financial Wellness Into Retirement How can employers ensure financial wellness programs create habits that carry into retirement and address employee concerns about the future? Products Providers Waiving Fees and Expanding Services During Pandemic Retirement plan and financial wellness providers are offering help to employees and plan sponsors during the novel coronavirus pandemic. Popular Reads Compliance New Financial Audit Rule Increases Requirements for Plan Sponsors Plan sponsors will be required to provide much more data, as well as certifications about plan administration and governance, and limited-scope audits will no longer be so limited. Research 2021 Recordkeeping Survey Data and Research Participants Missing the Full Match Remains a Big Problem A new survey shows there are several reasons employees decide not to contribute to their retirement plans. Compliance Parties in Church Plan Lawsuit Finally Get Preliminary Approval of Settlement A judge found the interests of a subclass of terminated, vested participants were adequately protected in a newly proposed settlement. UpFront What Advisers Wish Plan Sponsors Knew Experts say sponsors should focus on their fiduciary roles, as well as investment lineups and plan success. Did someone forward you this newsletter? Sign up here to get PLANSPONSOR Weekend directly in your mailbox!

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