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week ending May 15th, 2020
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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! |
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Editor's Choice |
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Popular Reads |
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Compliance
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Trustee Sued Over Retirement Plan Account Fraud
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The lawsuit claims the trustee allowed an unauthorized person to take a distribution from a participant’s account and that the trustee is refusing to provide information to help remedy the situation.
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