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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 2020 Defined Benefit Administration Survey Ask the Experts Clarification of Loan Repayment Delay Provisions of CARES Act Experts from Groom Law Group and Cammack Retirement Group answer questions concerning retirement plan administration and regulations. Compliance Use of Fidelity Active Management Funds Questioned in Court Multiple lawsuits have been filed recently that question the offering of active management funds to retirement plan participants. Administration Get Beneficiary Designation and Missing Participant Practices in Order The pandemic has highlighted the need for plan sponsors to actively encourage revised beneficiary designations and have missing participant procedures in place. Investing Improving Participant Outcomes With Custom TDFs Off-the-shelf TDFs may not meet the needs of participant demographics, so plan sponsors can build custom TDFs to provide greater diversification and less risk near retirement. Did someone forward you this newsletter? Sign up here to get PLANSPONSOR Weekend directly in your mailbox!

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