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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
2021 Target-Date Fund Survey
Compliance
Rush of Litigation Against Retirement Plans Expected to Continue
One insurer says the more than $1 billion in settlements thus far could make fiduciary insurance a thing of the past.
Compliance
The DOL Has Begun Retirement Plan Cybersecurity Audits
Attorneys say the requests plan fiduciaries have received ask for a broad amount of information and documentation, and they urge fiduciaries to act on the DOL’s recent guidance.
Investing
Essential Considerations for DC Plan Investment Lineups
The purpose of a retirement plan and the demographics of its participants will help plan sponsors decide what types of investments they need to use to take participants from accumulation to decumulation.
2020 Recordkeeping Survey
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