view in browser | plansponsor.com

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 Opinions Democrats Take Control of the Senate: What Does That Mean for Your Retirement Plan? Syed Nishat, with Wall Street Alliance Group, discusses potential effects on retirement plans if President Joe Biden is able to move forward his legislative agenda. 2020 Recordkeeping Survey Compliance Takeda Pharmaceuticals Faces ERISA Lawsuit Over TDF Suite in 401(k) Plan The lawsuit says the target-date funds were selected for the plan despite having no performance history and, when they continued to underperform, they were not replaced with better options. Data and Research Pandemic Puts More Households at Risk in Retirement The Center for Retirement Research says half of American households are at risk of not being able to live at pre-retirement standards of living in retirement. Compliance Trustee Sued Over Retirement Plan Account Fraud 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. Did someone forward you this newsletter? Sign up here to get PLANSPONSOR Weekend directly in your mailbox!

Unsubscribe | Manage Subscriptions | Contact Us | Privacy Policy | Advertise

©2021 Asset International Inc. All rights reserved. 702 King Farm Boulevard, Suite 400, Rockville, MD 20850