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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
Supreme Court Decision in Thole v. U.S. Bank Has Major Implications for Pensions
The ruling effectively establishes that individual pension plan participants cannot sue their employer for a fiduciary breach if their own benefit has not been cut or otherwise altered.
Compliance
Heroes Act Now In the Hands of a Skeptical Senate
The Heroes Act, passed by a narrow majority in the House, includes union pension partition relief and a waiver for the reinvestment of 2019 and 2020 RMDs.
Compliance
Court Finds Plan Sponsor Could Be Found Liable for Retirement Plan Cyberfraud
The plan sponsor had sued plan providers, but the providers in a counterclaim said the plan sponsor was equally liable.
Compliance
Plan Sponsor, Provider Sued for Adding Untested CITs to 401(k)
The 92-page complaint includes a number of other allegations, including that the plan sponsor was motivated by its relationship with the provider for its defined benefit plans.
Data and Research
COVID-19 Has Made the Retirement System Weaker
A working paper discusses how the pandemic has affected retirement plans and what needs to be done for the retirement system to emerge stronger.
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