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week ending October 25th, 2019
Employees are financially stressed. This has led more employers to incorporate financial wellness programs into their benefits offerings. Plan sponsors can take cues from participant retirement plan activity—not contributing up to the match amount, taking plan loans, etc.—to determine plan participants’ financial health and needs, according to Una Morabito, senior vice president for client management at Workforce Solutions. It is important to implement a financial wellness program that meets the unique needs of each plan sponsor’s workforce, and measuring the success of a program already in place can help plan sponsors adjust their programs to do so. Enjoy this edition of PLANSPONSOR Weekend!
Editor's Choice
Participants
Putting a Price Tag on Workplace Financial Stress
According to John Hancock’s research, debt is one of the most significant indicators for financial stress, and most people are dealing with some kind of debt.
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.
Checklist for Financial Wellness
An excerpt from Una Morabito's Keynote lecture at the PLANSPONSOR National Conference 2019
Opinions
Driving Financial Wellness at Work
Wes Collins, senior manager of participant advice services at CAPTRUST, discusses financial wellness areas of focus, broken out by career stage.
Administration
Teaching Employees Skills and Practices for Retirement Confidence
Unfortunately, there are no do-overs in life, but there are ways to help employees feel confidence about their financial futures going forward.
Popular Reads
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
John Hancock Agrees to Procedural Changes in ERISA Suit Settlement
In addition to a $14 million payment, the defendants agreed to retain an independent third-party investment consultant to review investment options in the plan, among other things.
Research
2021 Target-Date Fund Survey
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