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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 Research 2022 Recordkeeping Survey Compliance More TDF Underperformance Lawsuits Emerge Across US Among the latest major employers to be sued under ERISA for alleged underperformance of default investment options are Marsh & McLennan and Advance Publications. Data and Research Plan Sponsors and Participants Cite Different ‘Important’ Benefits Although attention to workplace benefits has increased among employers, a new Transamerica Institute survey reveals a chasm between the benefits they value and those that workers prize. Compliance Managed Account Fees Challenged in Latest ERISA Lawsuit The lawsuit comes as retirement plan sponsors and participants express increased interest in personalization and managed account services. Did someone forward you this newsletter? Sign up here to get PLANSPONSOR Weekend directly in your mailbox!

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