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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
2020 Recordkeeping Survey
Data and Research
Edward Jones and Age Wave Introduce the New Four Pillars of Retirement
The ideas explain what retirees are focusing on after the workforce and as they enter the next chapter.
Compliance
Parties in Emory University 403(b) Plan Lawsuit File Settlement Agreement
In addition to paying $16.75 million, the settlement agreement calls for a review of investments and a recordkeeping request for proposals.
Administration
CARES Act Special Considerations for 403(b) Plans
Participants invested in annuity contracts may face charges for distributions and limits on amounts they can take as a distribution or loan that they may not be aware of.
Investing
Is It Time for the U.S. to Create a Sovereign Wealth Fund?
As the U.S. government looks for a cure-all amid the financial crisis, some experts are looking to a government-owned wealth fund as an answer.
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