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week ending November 22nd, 2019
Financial wellness is becoming the new focus for retirement plan sponsors. As you may be planning for your financial wellness initiatives for 2020, consider all the elements of your benefits program. Health care is an important part of financial wellness, and many voluntary benefit offerings can enhance the financial wellness of your employees. Experts say financial wellness programs should be actionable, and employers should measure the return on their investment in financial wellness. Enjoy this edition of PLANSPONSOR Weekend! The weekend newsletter will be back in your Inbox December 6.
Editor's Choice
Opinions
Barry’s Pickings: The Future Will Be About Financial Wellness
There is more to life than saving for retirement, says Michael Barry, president of October Three (O3) Plan Advisory Services LLC, and he foresees a new model where financial wellness is implemented across a rich employee dataset exploiting the efficiency of artificial intelligence.
Benefits
Health Care a Top Concern to Address in Financial Wellness Programs
Surya Kolluri, with Bank of America, says financial wellness should be thought of in the broadest way, with an eye toward how employees live their lives; this includes health care and caregiving efforts.
Benefits
Voluntary Benefits Have Become Much More Mainstream
Employers’ growing interest in improving their workers’ financial wellness is driving the change, Prudential experts say.
Benefits
To Succeed, Financial Wellness Programs Need to Motivate Participants
Education on its own is simply not enough.
Benefits
Measuring the Success of Financial Wellness Programs
Incorporating sound measures of the effectiveness of financial wellness programs will allow plan sponsors to adjust them to address the varying needs of their workforce.
Popular Reads
Compliance
CARES Act Passes Congress, Including Retirement Plan Relief
Plan sponsors who have faced regional natural disasters will be familiar with many of the relief provisions adopted by Congress, from the suspension of required minimum distributions to the doubling of loan limits.
Compliance
Retirement Plan Provisions Included in Senate’s Stimulus Package
Among other things, the bill would allow for targeted, penalty-free access to tax-qualified accounts for those hit hardest by the health crisis.
Administration
Plan Sponsors Facing Difficult Decisions During Coronavirus Pandemic
Stopping employer matching contributions, laying off employees, adjusting DB plan contributions; plan sponsors need to understand the effects of each decision.
Ask the Experts
Coronavirus-Related Distributions From 403(b) and Governmental 457(b) Plans
Experts from Groom Law Group and Cammack Retirement Group answer questions concerning retirement plan administration and regulations.
Compliance
Tax Filing Relief Adds Time to Contribute to Benefit Plans
Individuals have more time to contribute to IRAs and HSAs, and employers have more time to contribute to their retirement plans.
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